I trust you’re familiar with the fallout from the Wells Fargo “make a buck any way you can” fiasco. It’s just another in a long line of such business missteps created by a lack of clear and consistently followed core values as the foundation of a culture of sustained financial success.
- Have fun: everyone deserves to be happy
- Make money: financial success is important to happiness
- Do good: we treat people like we want to be treated
- Simple and understandable
- Easy to remember
- Easy to measure and implement
Yes, every member of your organization should know your core values and be able to tell you what they are. More than that, they should know what your core values are by your behavior as a exemplar of these values. People care a lot more about what you do than what you say.
Some practical uses for core values:
- Guiding strategic decisions: Is this a win-win-win course of action that is sustainable?
- Attracting new team members: Is this an organization I can be proud to be part of?
- Selecting team members: Is this person a “terrorist” who doesn’t adhere to our core values?
- Managing individual performance: Is this person creating sustained financial success?
- Create clear and consistently practiced core values in your organization that guide your decisions.
- Don’t select or retain team members who don’t practice these core values (i.e. “terrorists” on the Jack Welch grid); these people will sabotage your sustained financial success every time.
- Measure adherence to your core values as part of individual performance management.