Why Do Core Values Matter?
Core values are the fundamental beliefs and priorities that drive team members’ and the organization’s behaviors. Core values act as internal compass of principles that guide decision making.
But why do they matter? At Fastco, we manufacture cold-headed fasteners; that is what we do. We hope to make a profit doing it. Is that why we do it? It is certain a piece of it, but it can’t be the only reason.
Core Values Reflect a Shared Purpose
In order to fully appreciate what we do, we need to know why we do it. And it has to be about more than money. Money matters. It’s how we feed, house, and cloth ourselves and our families. It stabilizes our lives. But it does not create happiness nor add meaning to a life or a company.
A company’s values should work to align a company around a shared purpose. That is, the why behind what they do. Fastco’s shared purpose is to create value and stability for our customers, team members, and community. It’s why we exist as an organization.
Our core values are the guiding principles that help us achieve our shared purpose. Fastco’s core values are:
- Respects and helps all team members excel
- Completes tasks with enthusiasm
- Sweats the details
- Gives honest feedback, but follows the company’s directive
- Puts the interest of the company first
Every company needs to decide what its purpose is and what values its members will need to achieve that purpose. Ideally, this is done with company-wide buy-in. These values then serve as a metric against which to assess performance and to evaluate potential candidates.
Values Come From Teams, Not Managers
As a company evolves, their values may shift, since values are not necessarily imposed by management but discovered through the habits and behaviors of ideal team members. Over time, values may become better defined. The organization may choose to eliminate some values or replace them with others that better suit the culture and goals of the organization.
In the end, the main thing is to know who you are as a company and why you what you do. This is just as, if not more, important than what you do and how you do it.