Over 75% of employees find it essential to work for a company with clear core values1. Yet, only 51% of U.S. workers feel highly satisfied with their job2. A strong value statement sets companies apart. It guides business choices and how customers are treated, improving the brand’s identity.
Good value statements highlight what makes a company unique. They stir emotions and are easy to understand. They also keep things short and avoid complicated words. Companies that really live by their core values do better. They grow 30% more and their profits increase by 17%1. By focusing on core values, companies stand out. They also create a welcoming, dynamic workplace. This draws in the best people.
Key Takeaways
- Company value statements enhance company culture and boost employee satisfaction.
- Only about 51% of U.S. workers are highly satisfied with their jobs.
- Effective statements are unique, emotional, concise, and jargon-free.
- Companies with aligned cultures see significant growth and profitability.
- Value statements help differentiate companies and attract top talent.
Introduction to Value Statements
Value statements are key for businesses looking to stand out. They share a company’s core beliefs and guide actions. A strong value statement boosts how much company values matter by clearly showing what the business aims for and expects from its team.
These statements let everyone know what a company puts first. They help in making decisions and building customer connections. Value statements make employees and goals align. This makes workers more engaged and loyal. It’s important because it gives everyone a common goal3.
Value statements also shape how customers see your brand. If customers share your values, they’re more likely to pick your services. For example, Ritz-Carlton allows staff to use up to $2,000 to fix guest problems. This shows their strong commitment to service4.
Company values are very important today. Statements should be short, memorable, and true to your business. They must inspire and set you apart. Good value statements help in hiring and decision-making. So, it’s vital to create ones that truly reflect your business goals4.
What Is a Value Statement
A value statement shares a company’s core beliefs with its team, stakeholders, and customers. It includes important company principles in the value statement. This helps a business show its unique identity and make smart decisions.
The Core Components of a Value Statement
A value statement talks about the company’s culture and what it expects from employees. It needs to be clear, unique, and heartfelt to connect with people inside and outside the company. The words should be simple and avoid jargon. This makes sure everyone understands what makes the company special5.
How Value Statements Differ From Mission and Vision Statements
Value statements are different from mission and vision statements in their focus. A mission statement explains why the company exists. A vision statement lays out its long-term goals. But a value statement describes how the company acts every day. It’s about the behavior and principles that guide actions5.
Recent studies show that 80% of workers think it’s very important for their company to have clear values. However, only 62% work at a place with a value statement. And just 39% of companies share their values openly6. This shows a big difference between what employees want and what companies do. Creating a strong value statement can bridge this gap. It marries company values with what employees and the market expect5.
Why Every Company Needs a Value Statement
A clear and well-defined value statement is vital. It ensures employee happiness, attracts top talent, and makes your company unique. These benefits are critical in today’s business world.
The Role of Value Statements in Employee Satisfaction
Value statements greatly enhance employee satisfaction. Companies promoting their core values see a 42% lower employee turnover7. This shows employees stick with companies that match their personal values.
A value statement makes clear what the company aims for and expectations for everyone. This clarity and transparency create a positive work atmosphere8.
Attracting Top Talent
In talent acquisition, a strong value statement sets you apart. An Accountemps survey places company culture as the third top factor for job choice, after salary and vacation9. Glassdoor found 90% of job-seekers value transparency at work9. Your value statement expresses your culture and draws in people who share your values. This match is key for keeping them long-term.
Setting Your Company Apart from Competitors
In a crowded market, standing out is essential. Your value statement is a unique selling point. Successful companies have unique value statements that show their core values and principles7.
Companies with strong ethics gain 35% more customer loyalty and trust7. A resonating value statement distinguishes your business, giving you an advantage.
Key Elements to Include in a Value Statement
Creating value statements needs careful thought. Several important elements make your business story compelling. These elements build a strong corporate identity and connect emotionally with employees and customers.
Uniqueness
Your value statement should highlight what makes your company different. Before writing, pinpoint what’s unique about your organization10. Looking at competitors’ statements can show how to stand out, building a unique identity10.
Emotion
A good value statement touches hearts, building loyalty. Mixing emotions with logic makes your statement powerful10. This bond can draw in and keep customers who share your ideals10.
Conciseness
Being concise is key in memorable value statements. Ideally, it should be short, one to three sentences, and direct10. This makes it easy to understand and share, both inside and outside your company.
Jargon-free Language
Use simple language for your value statement to be welcoming. Avoid complex terms to make sure everyone gets it. This clarity invites a wider audience, enriching the emotional and corporate ties.
In conclusion, these elements are crucial for a solid value statement. It not only shares your core beliefs but sets the stage for success11. Clear value statements mean more customer support as they see your true intentions11.
Steps to Crafting Your Value Statement
Crafting a value statement that matches your company’s heart is key. It deeply affects both your team and your customers. Follow a set approach with key steps for success.
Step 1: Define Core Principles
The journey starts with identifying your core principles. These are the roots of your value statement. They ensure your values mirror what’s important to your company. Matching your values with these principles brings truth and steadiness to your work.
Step 2: Narrow Down Your Values
After setting your core principles, choose your key values. Pick those that connect well with your team and your mission. This makes your message clear and shows a real dedication to what you believe in.
Step 3: Gather Employee Feedback
It’s vital to listen to your team’s thoughts. Their input makes the value statement meaningful to everyone. A Harvard Business Review survey found teams that share company values work better and feel happier. This shows why their feedback matters12.
Step 4: Finalize and Apply the Statement
With feedback in hand and values clear, make your final statement. It should clearly represent your company’s ideals. Use it everywhere in your business. It guides decisions, helps your team work together, and connects with customers.
In summary, begin with defining what your company stands for. Then, focus your values and listen to your team. This makes your workforce more united and happy12. Lastly, let your value statement lead the way in all you do. This strengthens your brand and aligns your strategies.
Incorporating Your Value Statement Into Business Practices
Putting value statements into daily work means your core values do more than just exist on paper. They guide choices, improve teamwork, and boost how customers connect with you.
Guiding Business Decisions
Using your value statement in making business choices helps your company stay true to its beliefs. Having a clear and simple value statement affects both your team and your customers10. It shows you’re serious about your values10.
Talking about this value statement at yearly meetings makes it a part of your company’s culture13.
Enhancing Team Collaboration
A team works better together when everyone knows and follows the value statement. Giving employees tools and guidance helps them represent your company well13. Feedback from surveys points out where to improve teamwork13.
Keeping the value statement in the spotlight at meetings and in training shows its importance13.
Driving Customer Engagement
When your value statement is part of your customer service, it creates strong bonds. This statement should touch the hearts of customers and staff10. Using it in your ads makes your message consistent, improving customer connection10.
Talking about your values often helps build lasting loyalty with your customers.
Examples of Effective Value Statements
Looking at top companies helps us understand how to share our own values. By checking examples of how they do it, we learn the basic things that make sense both to people in the company and outside. We’ll see what makes BetterUp, Hotjar, and Omniscient Digital stand out.
BetterUp
BetterUp believes in helping people grow in their jobs and lives. They want to inspire change and help everyone reach their best. This approach shapes how they treat their team and run the business, showing how deep values guide the company’s direction.
Hotjar
Hotjar promises to be open, respectful, and always focused on the client. Their dedication is clear in how they make products and in their customer care. By truly listening to users, Hotjar’s offerings meet genuine needs, showcasing their values in every step.
Omniscient Digital
Omniscient Digital values understanding, being knowledgeable, and getting results. They use strong content strategies and analysis to help their customers. By turning data into stories, Omniscient Digital brings their commitment to values to life for their clients.
Common Mistakes to Avoid
Knowing how to dodge common errors in value statements is crucial. It helps keep your company’s core values genuine and relatable. A big mistake is when companies make their value statements too vague or complicated. Since most people can remember 5-9 things short-term, having a few clear core values is better for everyone to understand14.
A problem many face is their value statement not being real or doable. Only 23% of employees really feel they can use their company’s values at work daily. This shows a big gap between what’s said and actual actions14. Digital tools can help check if the core values are truly being followed14. This is important for keeping your values real and making sure they’re shown in your work.
Remembering what’s special for your industry in your value statement is key. For instance, cutting costs is vital in aerospace because making things costs a lot15. In healthcare, how much you care plays a big role in making patients happy and achieving success15. Steering clear of these slips helps your value statement be real, specific, and something you can actually do, guiding your company towards its aims.
Source Links
- Company core values: 25 inspiring examples – https://www.achievers.com/blog/company-core-value-examples/
- The 15 Best Company Values Examples to Build Your Company Culture – https://www.bamboohr.com/blog/company-values-examples
- How to Create Strong Mission, Vision, Values Statements | SIGMA – https://www.sigmaassessmentsystems.com/how-to-create-strong-mission-vision-and-values-statements/
- IT mission, vision and values statements: Foundations for success – https://www.cio.com/article/252536/leadership-management-it-mission-vision-and-values-statements.html
- Writing a Value Statement: Your Guide to Keeping Your Team Aligned – https://www.betterup.com/blog/value-statement
- How to Write an Inspiring Value Statement (with Examples) – https://www.usemotion.com/blog/value-statement
- What is the difference between mission, vision and values statements? – https://www.shrm.org/topics-tools/tools/hr-answers/difference-mission-vision-values-statements
- Value Statement: Defining the Heart of Your Company – https://www.process.st/value-statement/
- Value Statement: How to Write One for Your Company [With Examples] – Unito – https://unito.io/blog/what-is-a-value-statement-with-examples/
- How to Write a Value Statement: A Step-by-Step Guide – https://www.theneuron.ai/write/statements/value-statement
- Value Statement: Definition, Benefits & Importance – https://www.freshbooks.com/hub/other/value-statement
- Crafting Your Personal Value Statement: Examples to Inspire Success – https://www.onlinereputation.com/personal-value-statement-examples/
- 5 Ways to Incorporate your Mission Statement into your Company Culture – Amotec – https://www.amotecinc.com/5-ways-to-incorporate-your-mission-statement-into-your-company-culture/
- Company Core Values: 7 Common Mistakes To Avoid When Creating Them – https://icehrm.com/blog/company-core-values-7-common-mistakes-to-avoid-when-creating-them/
- The 7 mistakes to avoid when selling on value – https://www.getaccept.com/blog/the-7-mistakes-to-avoid-when-selling-on-value