For me, there are two kinds of core values. There are the business core values that are the guiding principles that a firm values and which forms the foundation that it performs work and conducts itself. BusinessDictionary.com defines core values as “a principle that guides an organization’s internal conduct as well as its relationship with the eternal world” (2015).
An example of a business core value is Amazon’s customer obsession. It is well documented throughout Amazon’s annual reports and 10k reports. Amazon demonstrates its commitment to its core values or principles by including a copy of its first letter to the shareholder in every annual report (Satterfield, 2015).
Then there are the personal core values. These are the values that underlie how we interact with others and the strategies we use to reach our goals. Your personal core values clarify who you are as a person. An example of a personal core value is consistency. My work and personal experiences have taught me that credibility is key to success. When my work was consistent, I noticed how quickly I was able to advance in comparison to those times when it was inconsistent.
Who defines an organization’s core values?
As stated earlier, core values are the guiding principles of what the organization believes, who the organization is at its core and who the organization wants to be going forward. Therefore, the organization’s senior leadership or founder should define the core values. This will allow the leadership team’s value permeate the organization and set the foundation of the organizational culture (Heathfield, ND).
How can an organization know if they are practicing their core v...
... middle of paper ...
...rony is that organizations introduce customer-centric concepts into their organizational culture and most tie these concepts with customer satisfaction rather than delight.
The goal of an organization’s value chain is to identify opportunities in which customer value is created. “This is achieved by either adding value to existing customers or by identifying the value expectations of new customers and coordinating the value chain assets, processes, and capabilities to meet these expectations” (Walter & Rainbird, 2007). In order for customer delight to be made into a core value, the organization would need to take the necessary actions to add it. Moreover, the organization should support the added core value from top down. The organization should communicate this value throughout, provide guidelines and create or implement a system to evaluate its effectiveness.
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