Here at Verifile we recently refreshed our values to make sure they represent what our people believe in and the way they get things done.
We Put People First because people are the heart of our business and everything we do. Be Curious, innovative, and challenge the status quo, constantly striving to find better solutions every day. Our people Own It, through empowerment and accountability they deliver exceptional results that showcase our expertise. We Succeed Together believing in the power of collective strength and collaboration both internally and with our partners. And our people live by the mantra of Delight Your Customer creating exceptional experiences that exceed their expectations.
The whole process really got me thinking. With values-based organisations estimated to experience 89% more growth, what is the value of our values?
As well as being a pretty effective tongue twister, the value of our values is a question, people professionals across the globe, spend hours trying to articulate.
To help us answer it, it’s probably worth us thinking right back to the very concept of what value is. One definition of value is the importance, worth, or usefulness of something, how much regard we give to something. In a practical sense, it’s our judgement of what is important in terms of how we behave. The purpose of company values is to create a shared set of behaviours, which become the cultural norms within that company. When they are brought to life and lived every day, they act as a guide for decision-making, helping employees determine the right course of action, without intervention, because they share those same values and beliefs. From an HR perspective, the value of our values is well documented. They help us attract and keep the right people, motivate our people to go faster in a way we all believe in, help us to be aligned and make better decisions.
But when we talk about the value of our values, we are focusing on a different definition of a value - the one where we establish the monetary worth of our values. A bit trickier, that one. So, do company values offer a competitive edge? Here are three good reasons to suggest they do.
1) The average person makes around 35,000 decisions every day. Most of those decisions need to be made automatically by our brain; if we didn’t make them automatically, our batteries would be very quickly drained. To do this, the brain works off a series of assumptions, or shortcuts, if you will. You may have guessed what comes next: those shortcuts are known as biases. Biases aren’t inherently good or bad; they are just something that happens. Where values are concerned, similarity bias comes into play. Similarity bias means you are more likely to look to do business with a company whose values are like your own, as similarity reduces fear. Even the most rigorous of tender process has some (for now at least) human intervention. Whilst these biases take place unconsciously, they really aren’t so unconscious anymore. A quick google search for help choosing suppliers will bring up reams of results, many of which emphasise the need to seek out suppliers with shared cultures, goals and attitudes, all of which are commonly reflected in our organisational values.
2) There are now 1.8 billion adult Millennials on earth, making them the largest adult cohort. Some characteristics that separate Millennials (and Gen Z for that matter) from previous generations are their concerns for the environment, the state of the world and their drive to positively influence the future. And they are voting with their feet. In addition to influencing change from within their organisations, as consumers, they are using their purchasing power to drive a values-driven agenda. Up to 83% of these generations purchase goods from companies sharing their views and beliefs, even if it means paying a higher price point. In fact, 63% of all consumers even say they will stop purchasing from brands whose values conflict with their own. That means you could be missing out on almost 1.5 billion customers globally if your company values aren’t part of your marketing strategy.
3) As organisations, we should be clear, open and transparent about what we stand for. Company values help us to do that. By sharing these values, we attract those who are bought into what we believe in; they buy our mission and vision, and the way we believe in doing things. Customers who believe in what you believe in will work with you to achieve the right outcome and are more likely to trust you to do things the right way in their eyes. These relationships last the test of time. Without buy-in, it is just a transaction based purely on a product or service and the price, and next time there will probably be someone else with a slightly better product or a slightly lower price.
So, what is the value of our values? They guide behaviour, foster trust, and attract customers who share our beliefs. At Verifile, our refreshed values not only shape our culture but also give our customers a reason to choose us. By putting people first, being curious, owning our actions, succeeding together, and delighting our customers, we build lasting relationships and drive commercial success.
Carla Moore
People Performance and Development Partner