Published on April 24, 2014
Examples of Company Core Values www.LeadingResources.com
Example #1: Starbucks Starbucks is a good example of an organization that is clear about its core values. Note that while all six of their core values are equally important, the order in which they appear speaks volumes about how Starbucks operates.
Starbucks Core Values 1. Provide a great work environment and treat each other with respect and dignity. 2. Embrace diversity as an essential component in the way we do business. 3. Apply the highest standards of excellence to the purchasing, roasting and fresh delivery of our coffee. 4. Develop enthusiastically satisfied customers all the time. 5. Contribute positively to our communities and our environment. 6. Recognize that profitability is essential to our future success.
Starbucks Core Values At Starbucks, performance is measured on the basis of these core values. The information is translated into a scorecard and readily shared with managers, who in turn brainstorm ways to continually improve. All decisions are driven by these core values. The result? Starbucks has enjoyed extraordinary growth and is widely recognized as a high-performing company, even during times of economic turbulence.
Example #2: Procter & Gamble Procter & Gamble is one of the world’s leading makers of consumer products. With billions in sales, P&G has a reputation for excellence in marketing. It is a company whose leaders have assured its enduring success by continually reaffirming and communicating its core values.
Procter & Gamble Core Values People • We attract and recruit the finest people in the world. • We build our organization from within, promoting and rewarding people without regard to any difference unrelated to performance. • We act on the conviction that the men and women of Procter & Gamble will always be our most important asset. Leadership • We are all leaders in our area of responsibility, with a deep commitment to deliver leadership results. • We have a clear vision of where we are going. • We focus our goals to achieve leadership objectives and strategies. Ownership • We accept personal accountability to meet the business needs, improve our systems, and help others improve their effectiveness. • We all act like owners, treating the company’s assets as our own and behaving with the company’s long- term success in mind. Integrity • We always try to do the right thing. • We are honest and straight-forward with each other. • We operate within the letter and spirit of the law. • We uphold the values and principles of P&G in every action and decision. • We are data-based and intellectually honest in advocating proposals, including recognizing risks. Trust • We are determined to be the best at doing what matters most. • We have a healthy dissatisfaction with the status quo. • We have a compelling desire to improve and to win in the marketplace. Passion for Winning • We respect our P&G colleagues, customers, and consumers and treat them as we want to be treated. • We have confidence in each other’s capabilities and intentions. • We believe that people work best when there is a foundation of trust.
Example #3: Wells Fargo With $390 billion in assets, Wells Fargo is one of the few survivors of the global banking crisis. Wells Fargo underscores the importance of its values by saying that “if we threw out all the policy manuals, we could still make decisions based on our understanding of our culture.” Look at Wells Fargo’s Core Values and supporting behaviors to decide for yourself how well they succeeded.
Wells Fargo Core Values Ethics • Maintain the highest standards with customers, team members, stockholders and our communities. • Value and reward open, honest two-way communication. • Be accountable for our conduct and our decisions. • Only make promises you intend to keep—do the things you say you’ll do. • If things change, let people know. • Avoid any actual or perceived conflict of interest. Customer Satisfaction • Consider the customer in all we do. • Exceed the expectations of internal and external customers—surprise and delight them. • Do what’s right for the customer. • Talk and act with the customer in mind. • Build long-term customer relationships. • Treat customers with care. Leadership and Personal Accountability Every team member contributes to our success and should: • Run it like you own it. • Take prudent risks. • Lead by example. • Make decisions locally, close to the customer. • Know your numbers. • Consider customer, stockholder, team member and community needs when making decisions. • Care about each other. Diversity • Respect differences among team members, customers and communities. • Behave in a way that supports our corporate values. • Take advantage of different perspectives. • Support the diversity of our team members, customers, and communities. • Leverage diversity as a competitive advantage.
Avoid Hollow Values When you’re defining an organization’s core values, it’s critical to avoid making them sound hollow by inserting, for example, your own personal values for those of the organization, or making the exercise too cute.
Here’s an example of a set of “core values” that one management team came up with: This list is incomplete. It’s also not well-organized. Some are legitimate core values, such as acting with integrity. Some are key values, such as celebrating successes. Some obvious core values are missing. It should come as no surprise that this particular set of values had little impact on this organization. • We work as a team • We act with integrity and honesty • We champion and celebrate diversity • We expect and support exceptional service • We celebrate our successes • We encourage creativity and innovation • We care about our community
Symptoms of "Hollow" Core Values Related Causes • People “go it alone”— working at odds with one another. • People aren’t held accountable. • People are confused about how their activities and performance objectives tie into the organization. • People take actions contrary to the organization’s interests. • People are reluctant to ask tough questions or clarify their priorities. • Failure to identify the organization’s core values and communicate them. • Failure to communicate and clarify the core values throughout the organization. • Failure to articulate performance measures tied to core values. • Lack of feedback and performance measurement tied to the core values. • Lack of training tied to the core values.
Examples of Hollow Values Here’s another example of what I consider to be hollow values from Jamba Juice, a health- oriented seller of fruit- based shakes and other products. Its values spell out the word “fiber.” The sentiment behind these values is heartfelt. But they don’t reflect what’s essential to Jamba Juice. It’s a cute marketing gimmick, not a reflection of what’s truly important to the company. Fun – Have fun. Smile and create a spirit of celebration for your customers. Integrity – Do what you say. Demonstrate good character and encourage an atmosphere of mutual trust and respect. Balance – Live a balanced life. Consider the needs of customers, team members, and shareholders alike. Empowerment – Believe in yourself. Be responsive and innovative. Do whatever it takes to make your customer happy. Respect – Be respectful. Help each other to grow. Contribute to a vibrant and diverse community. Jamba Juice Core Values
Conclusion You need to listen carefully for clues that your organization has failed to engage in a deep examination of the organization’s core values. If you sense this, or inherit a listless organization, resolve to do something about it right away. Nothing is more important if you want to build a leadership culture. www.LeadingResources.com
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