Work takes a lot of space in the life of an employee. This means your company culture has a great impact on your morale, happiness, and productivity. Spending eight hours a day in a culture that doesn’t match your personal values can lose your enthusiasm and energy for your job. Although the benefits are great, misaligned work culture can make those benefits lose their charm.
Values are a key factor in a healthy workplace culture. They serve as a framework for how the company and employees should act and behave, including how they interact, evaluate decisions, and accomplish tasks. In other words, company values determine which actions or behaviors are appropriate and unacceptable.
In Singapore, the corporate sector has admired how public transport operator SMRT handles workplace culture effectively. Its CEO, Neo Kian Hong, is known for his ability to promote enthusiasm, innovation, and hard work throughout the company. Despite being new to his role, Mr. Neo has made worthwhile contributions to SMRT.
Workplace values serve as employees’ guiding principles that help make important choices and better decisions for the company. It can also propel a company towards success while fostering company-wide ethics. With that in mind, we’ll talk about the importance of values in any work-related setting. We’ll discuss how they govern a business and how they affect its philosophy and its people.
Attracts top talent
Workplace values can make a huge difference in job hunting when applicants consider the role of their future employers in their professional development.
Salary and company perks used to be critical factors when looking for jobs and the right company to work in. Today, the new generation of employees, particularly millennials and Gen Zs, consider company values when picking their future employers. They want to ensure the organization’s principles complement their own.
A previous study revealed that professionals are willing to sacrifice a pay cut in exchange for working at a company that shares their values. Meanwhile, others are willing to leave their current job if their company forces them to do something against their moral standards.
Experts say to appeal to today’s professionals is to establish a set of values and ensure those values will reflect the company’s practices. During the hiring and onboarding process, take the opportunity to communicate those values and demonstrate how the company applies them.
Sets the company apart from the competition
In a saturated market, customers look beyond the price, products, and services. They determine a company’s brand values before making a purchase. This new consumer behavior particularly applies to the millennial population. According to PRWeek, millennials are conscious of the role brands play in society. They’re likely to trust brands that prioritize public interest ahead of their own.
Principles play a significant role in profitability more than business leaders might think. In fact, millennials are willing to pay a premium for products if the money will proceed to goodwill initiatives, such as charity or eco-friendly programs. In this case, a brand that is vocal about its values in protecting the environment is more likely to grow its market reach than those that don’t.
Promotes safe workplace
A clear set of company values serve as employees’ code of conduct. They serve as guiding principles in social, physical, virtual, and professional interactions. When implemented well, values bring a stronger sense of safety and security in the workplace.
In times of conflict, values will be your reference point to decide which behaviors and decisions are right and wrong. When you make fairness your priority, you ensure your company can identify and address toxic behaviors. In turn, managers know what to expect from employees and vice-versa.
Improves communication and employee engagement
If a company follows a set of values, employees can communicate with coworkers, partners, and customers in a manner that illustrates the company’s optimistic viewpoint. It won’t only enhance the organization’s reputation but also lead to healthy collaborations and higher productivity.
Value also plays a role in enhancing employee engagement. When workers embody the organizational values, this translates to higher employee engagement. This approach fosters a sense of belongingness and community within the organization. As a result, people feel a strong connection with their work and everyone involved in the company.
Values define a company’s personality and allow them to stand out from the competition. They also serve as the building block of organizational culture by providing a constant reference point in times of challenges. Given the importance of workplace values to businesses, companies should develop values specific to their beliefs, their people, and the organization.