Research any business these days, big or small, and they’re more than likely to have some ‘values’ proudly displayed on their website, on their social media channels, or even on the walls of their offices. But do these values actually mean anything?
If you asked the average employee about the values of the business they work for, would they know? And would they be able to articulate how those values are applied within the business day-to-day?
In many organisations, these ‘values’ are merely corporate lip-service designed to make an employer look caring and thoughtful. Not only does this mean that they’re missing out on opportunities to build meaningful values within their workforce, but they risk alienating employees if they feel that the stated values bear no relation to their real-world working lives.
This blog explores the importance of genuine values in the workplace, and why trust is a great foundation on which to build them.
The importance of genuine values
One of the reasons that values are so critical in the modern business world is because employees are more socially and politically aware, and because they want their work to reflect their feelings as a person. For example, an employee might want to feel that their work gives them a sense of purpose through serving customers and meeting their demands; or they might want to feel they’re contributing to a greater good, like the fight against climate change.
Values let employees – both existing and prospective – know what the company stands for and how people within it should treat each other. According to LinkedIn research across the British Isles, France and Germany, more than two-thirds of employees would prefer to work for businesses that share their personal values. So businesses that cannot build a healthy culture, based on sincere shared values, will find it increasingly difficult to attract or to retain talented employees in the long-term.
More than just statements
If your values are simply a list of high-level statements that declare some founding principles, then you aren’t going far enough. Real values will define in detail how everyone within a business should operate and interact with each other, and should be backed by processes that hold people to account in accordance with those values.
This way, values can be built into everything that your organisation does, from how employees collaborate and how decisions are made, to how customers are served and how you get involved with your community. It ensures that everything is aligned with the key principles of the business, and encourages everyone to actively work towards that goal.
Trust as a core value
Trust is a vitally important value that every organisation should have. Many organisations feel that it simply means a positive culture, where everyone gets on and there is relatively little in the way of arguments or workplace politics. But this isn’t the case: when a business has trust well-embedded, everyone is working as hard as they can for the best possible business outcomes, and feels confident that everyone else is doing the same.
When this isn’t the case, businesses can find it extremely difficult to get the results they want. Collaboration is hampered, leaders can’t motivate and inspire well enough, and there’s a lack of focus and coordination in the goals people are working towards. All of these can have a serious impact on the bottom line. And while trust can take years to build, it often only takes one moment or one action to undo all that hard work.
One organisation we’ve been able to help in this area is NAHL Group plc. We’ve worked closely with them to help them instil a framework of trust across their workforce, through workshops and coaching. The end result is a culture within which everyone can share feedback and learnings, and strengthen their working relationships.
Developing trust as a value in practice
So the theory behind trust as a genuine business value is clear – but what practical steps can you take to embed it throughout your workforce? A good place to start is by measuring the current level of trust within your business, and identifying areas where improvements can be made.
To enable this, we have developed a metric called the Leadership Trust Index (LTI). It’s based on research we’ve conducted at Aston Business School, and has been relied upon by organisations big and small, in the public and private sectors alike. As the only academically verified measure for leadership trust, it offers a reliable benchmark for all types of organisations to quantify trust and work out what to do to make it even better. Through the remedial actions you take, leadership can work to instil more trust within the organisation, and embed trust more deeply as a core value business-wide.
To find out more on the Leadership Trust Index and to start your journey towards finding out your score, read our free guide on the Leadership Trust Index here.
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Dr John Blakey is the author of ‘The Trusted Executive’ (book) and Founder of The Trusted Executive. Read John Blakey’s Forbes executive profile.
