This influential book found core values have a distinct and powerful ability to differentiate an organization. Never was this more evident than when we were acquired by EMCOR Group Inc. in 2013. It was clear from the initial stages there was a strong values alignment between the two companies. I believe this cultural values alignment has been pivotal to our successes post-transaction and will continue to play a key role going forward.
We have lived by this set of core values since our founding over 40 years ago:
- Safety excellence - Do no harm to people, the planet or property.
- Quality - Do it right the first time.
- Honesty - Stay grounded in the truth in all situations.
- Integrity - Say what you mean and do what you say.
- Performance - Exceed expectations in all that you do.
These values dovetail with EMCOR's values, which help define the attributes and culture:
- Mission first: 1. Integrity - In everything we do; 2. Discipline - Execution with precision, efficiency, competence and professionalism; and 3. Transparency - Sharing information to facilitate communication.
- People always: 1. Mutual respect and trust - Treating people with dignity and consideration and encouraging openness and cooperation, 2. Commitment to safety - Zero accidents, and 3. Teamwork - Working together to develop and unleash our full potential to achieve exceptional results for our customers and shareholders.
The core values challenge
To understand how important values are, it is helpful to first understand what they are. In his article in the Harvard Business Review, author and business consultant Patrick Lencioni, a prolific voice in organizational culture and team building, defines core values as "the deeply ingrained principles that guide all of a company's actions." He contends core values area company's "cultural cornerstones" and, when used properly, serve as a company's foundation and also inform and affect every decision made by the company.
While committing to a prescribed set of principles can unite an organization and strengthen the employee morale, it can also create some challenges. As Lencioni puts it, values "make some employees feel like outcasts." He asserts values "can limit an organization's strategic and operational freedom and constrain the behavior of its people." He also reminds us values "demand constant vigilance."
Developing core values
These five steps will help you develop and refine your company's core values:
- Figure out your own values and those of your leadership team.
- Meet with your leadership team to debate and define the values that best suit your organization and will help foster the culture you want for your company.
- Have managers meet with their teams to get feedback.
- Based on this new feedback, further refine your values.
- Communicate your final values to the entire company - early and often.
It is critical for employees to know and live by company values. Share stories and insights at company meetings to bring these values to life in a concrete way. Codify how values should be applied when dealing with clients and colleagues. Recognize and reward employees who best exemplify corporate values. Incorporate values-oriented questions in the interview process to find people who share your company's principles. Above all, ensure you and your senior team are setting an example through behavior.
Strong corporate values benefit everyone: clients, employees and your community. They can impact employee productivity and retention, which can have a positive effect on reputation in the marketplace and profitability. No matter how a company decides to embark on the values journey, the important thing is to start. Your organization will be better for it.
For more information, email Jeffrey Webber at jwebber@altairstrickland.com
