A company needs to effectively manage many factors if it wants to be successful. We all know some of them, such as the quality of the product or service offered, or the development of a qualified team with the necessary experience and skills. But it is also important to define an element that we sometimes forget about: the company’s values.
What are corporate values?
When we talk about values in a business environment, we refer to the principles that guide the various actions, internal and external, that a company takes. These values define the culture of theorganization, and help differentiate it from its competitors.
When defining a company’s values, it is important to consider a number of points:
- They must reflect the ethical goals of the organization.
- They must be concise, realistic and sustainable over time.
- They should not describe what the company would like to be, but what it is.
- The list should include no more than 4 or 5 values.
Why is it important to communicate a company’s values?
Every company needs to define its values well, so that they can be used as a basis for making decisions that affect the smooth running of the business. However, it is not enough for managers to know these values; it is also important to convey them to employees, customers and suppliersthrough your daily activities.
- Employees. It is important for the employees of an organization to know the corporate values and take them on as their own. This leads to a higher level of integration and commitment, and a more positive work atmosphere. These factors motivate staff and increase productivity. The company’s values can also be a reason that talent either is, or is not, retained. According to What Workers Want Report 2019, a company’s culture and reputation is one of the things that workers value most when it comes to staying at their current job, only behind salary and opportunities for professional development.
- Customers. In a traditional sales process, almost 30% of consumers choose the product they buy based on emotional criteria linked to the brand and its good reputation. Factors such as respect for the environment, transparency and integrity are increasingly valued by consumers, who are willing to pay more for products that align with their personal values.
- Suppliers. It is also important that the suppliers a company works with respect their corporate values. It is no use for a company to try to communicate a set of values if its business partners then take actions contrary to those values, as the effect on the consumer could be negative. According to Meet the 2020 consumers driving change, one third of all consumers would stop buying their favourite products if they lost confidence in the brand.
The values of ULMA Forged Solutions
At ULMA Forged Solutions, we have a set of values that reflect the company’s social, economic and environmental commitment. These values are as follows:
- Trust. We have committed to internal and external ethics based on the simple premise “say what you do, and do what you say.”
- Approachability. Our company is not interested in developing simple trade relationships — we take care of our customers on a personal level, with the objective of consolidating long-lasting relationships.
- Determination. We want to offer the best solution for our clients. “Good enough” is not good enough for us, and we are continuously improving our processes. “If it can be forged, we will forge it.”
- Innovation: We focus on continuous learning. We have a great richness of internal knowledge, and we share and discuss this knowledge at all levels of the organization.
- Commitment: One of our chief priorities is the safety and well-being of people, society and the environment.
These values guide our daily interactions with customers, suppliers and employees, and can be seen in practice in specific actions such as our annual training programs, or in our cooperation agreements with universities and technology centres. All with the aim of creating a more prosperous, fair and healthy society.