Corporate values are the guiding principles that organizational leaders use to instill a certain culture within a company. Specific values are often closely associated with a company's brand. They affect its relationships with key stakeholder groups, including customers, business partners, the community and shareholders. Companies often integrate corporate values into their mission statement, code of conduct or statement of core values.
Honesty and Integrity
One of the most commonly referenced corporate values is honesty or integrity. Whether it is a priority for a corporation or not, not including an integrity-based principle in your core values may leave stakeholders to wonder. In the 21st century, a company struggles to maintain long-term business relationships if it is not transparent, open and upfront with shareholders and the marketplace. For instance, Boeing states that it will honor its commitments as part of its statement on integrity.
Another prominent trait of the 21st-century business marketplace is the prevalence of work teams. Thus, many corporations include values like teamwork and cooperation to indicate the importance of cooperative efforts within the company. Closely related is the value of diversity. Some companies separate diversity as a core value to convey an emphasis on hiring a diverse workforce and promoting acceptance of differences. Others combine diversity within a statement on team involvement and interaction.
Businesses that rely on customer or client relationships for profit typically emphasize the importance of customers in their list of corporate values. Boeing talks about "customer satisfaction"as being critical to its business success. Unitech Battery Limited lists "customer focus" as its second corporate value. In its description of this value, Unitech discusses each employee's role in delivering the best customer service experience possible. Customer service, satisfaction and experience are all possible ways to refer to clientele in corporate value lists.
Quality is a corporate value that its prominently featured by companies that emphasize brand, product or service quality in their communications. Typically, companies that market their brand as being of high quality are likely to make the value of quality central to their list of corporate values. Expansion on this value can include specific mention of product quality, service quality or overall quality in all aspects of business operations.
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