“Values are like fingerprints. Nobody’s are the same, but you leave ‘em all over everything you do.”
– Elvis Presley
Company values have become a strategic differentiator, especially in professional services sectors such as finance, legal, consulting, and corporate B2B environments. Although companies have come to understand the importance of having these brand identifiers, they struggle to discover them.
Articulating company values can be challenging, and so firms often either do not list any at all or choose words that suit aesthetics, instead of ones that represent the company. This often leads to the same ten generic values being used by companies in the same industry, causing them to blend together – integrity, excellence, teamwork. Like Elvis Presley said, ‘nobody’s are the same’. This should also be true for branding.
Why company values matter more than ever
In some industries, values are one of the only distinguishing factors between companies on a surface level. This is especially true for businesses such as:
- Law firms
- Financial service providers
- Consultancy firms
- Publicly listed organisations
- Professional SMEs
Many firms are providing a high standard of service at competitive rates and as such it can be difficult for a company to differentiate itself. It is a company’s culture that makes it unique, and company values create an opening for clients and competitors to get a demonstration of what that company culture is like.
Values as a competitive differentiator
Professional services clients are increasingly looking for principles beyond expertise. Within heavily regulated industries, such as those overseen by the FCA, SRA, or stock exchange governance, values also reinforce compliance focused cultures of integrity and accountability.
Clear, authentic values can:
- Increase client confidence
- Improve employee engagement
- Strengthen employer branding
- Guide internal behaviours
- Support consistent decision-making
Looking within: how to discover your company values
Whether you realise it or not, every company has values; they just have to be found. The best way to find the core values is to engage and involve people within the company.
Step 1: gather insights from employees
To start, ask employees what their understanding of the company values and culture is, and create a list of common phrases and words used in the company. Once this list has been made, look for overlap and themes among the words. From there the list can be narrowed down, revealing the core values of the company.
Values discovery can begin with a few simple questions:
- How would you describe our organisation in a few words?
- What behaviours are rewarded here?
- What do we stand for as a company?
- What behaviours would you never compromise on?
Collate recurring words and repeated themes to reflect the company’s story.
Step 2: Articulate values with clarity
Discovering a company’s values is only half the battle, knowing how to articulate and develop them is what brings it all together. When describing a company’s values there are two audiences, those interested in the company and those in the company.
Tailor your approach based on audience
It is beneficial to list ways in which the company embodies their values. This shows the importance of the company’s values and what they provide based off of these values.
When communicating values, consider:
External audience (clients, candidates, partners)
Focus on examples that demonstrate how your values shape client experience and company outcomes.
Internal audience (employees)
For those in the company, it is more beneficial to list the behaviours and actions that can be taken, which are influenced by the values. This allows employees to better understand what is expected of them and guides them when making decisions.
A real world example: how KPMG brings its values to life
One company that has successfully integrated their company values is KPMG. Their website opens with a paragraph explaining how their values drive their decisions and guide them day to day. They then list their values and give an example of what action they take based on each chosen word.
Their values communicate their attention to detail – they not only provide behavioural examples, but they were thoughtful with the values they chose. Their last value listed is ‘For Better.’ This stands out and shows that they took the time to pick values that are unique to them, demonstrating to clients how much they care.
Attract and inspire the right people
There are many benefits that come with having the right values, one of which being that a company is more likely to attract and hire the right people. If the values listed resonate with someone, then they are more likely to be a better fit since the values embody the company culture.
The impact of values on employee engagement and productivity
It is not just about attracting the right people but also creating employee satisfaction. Having actionable company values that employees can strive for gives them purpose. This keeps employees engaged and makes them more productive, which in turn boosts business performance.
It may seem like employee satisfaction is an individual problem, but it can become a problem for the entire company. When employees are not satisfied it shows in their work.
A study conducted by Gallup revealed that companies in the United States lose between $450 and $550 billion in productivity annually due to actively disengaged employees. This is a result of them not being satisfied in their work environment, which in turn stems from the values of the company. Values impact everything just as fingerprints get on everything. This is why values need to be thoughtfully chosen, and molded, otherwise they can hurt the company.
Partner with MSP Reach to define the values that represent you
At MSP Reach we understand that choosing values is easier said than done. It can be challenging finding values that are both unique and represent the entire company.
Contact us for a no obligation discussion to learn more about our brand services and how we can support you in discovering your company’s values.
How many company values should we have?
Company values should be easily scannable as well as memorable for both employees and clients. For this reason, most organisations benefit from 3–5 clearly defined values. Too many dilute impact and make your brand seem generic.
FAQs:
Should values ever change?
As companies grow, transform or shift direction, their aims may evolve. That’s why it’s essential to choose values that reflect both the present and future growth.
How do we ensure our values are upheld?
Values should be embedded into hiring, onboarding, performance reviews and leadership decision-making. If values are a good reflection of internal attitudes, this should be easy to integrate.
Are values just for large organisations?
Values projects are not solely valuable for large organisations. In fact, SMEs often benefit even more, as values guide culture in smaller teams and influence early growth.
How long does the values discovery process take?
This varies based on company size and aims, but typically involves workshops, interviews and reviews over several sessions.