Values: Is it Time for an Update?

Values are the bedrock of any company.  They establish organizational culture and they set the tone for how products and services will behave.  For customers and business partners, they underpin the brand relationship.

It’s unusual for values to outright change but they can definitely evolve.  The question is how to know when. 

Signal Change

Not every brand will find themselves in the midst of the organizational nightmare that caught Uber several years ago however shifting gears to embrace new market realities or navigate crisis is important. In Uber’s case, the very values that got them to over $40 billion in valuation were simply not the ones necessary to steer a maturing global brand. An evolution was necessary. If your company is maturing, changing direction or expanding dramatically, it might be a good idea to take a look at how your current values will impact both employee commitment and customer affinity in a new market context.

Serve your Purpose

Values are inherently positive aspects of human behavior.  Companies strive to be: Transparent, Sustainable, Inclusive, Diverse, Collaborative, and have Integrity.

 In fact no one wants a company who isn’t any of those.  But compare them with AirBnB’s values:

            •Be a Host

            •Every Frame Matters

            •Simplify

            •Champion the Mission

            •Be a “cereal” entrepreneur

            •Embrace the adventure

AirBnB is a young company who attracts young talent and young customers. Their values creatively espouse the product they promote, baking in the more traditional values that we explicitly expect from older, more conservative companies. It might be time for an update if your values aren’t as motivating or as distinguishing as they could be.

Update Relevance

Now contrast AirBnB’s values with Marriott’s:

•Put people first

•Pursue excellence

•Embrace change

•Act with integrity

•Serve our world

These are incredibly noble. However as a hotel guest, I’m not entirely sure how this will impact my stay and as an employee, I feel their ambition but might worry about my own worthiness. Certainly these are not wrong. However in this sophisticated world of story and experience, values drive a brand’s culture and culture is one of the biggest protectors of brand equity. Marriott is a global brand with many tiers of product offerings yet would it be worth it to update to more 21st century values?

It’s worth the question, how hard are your company’s values working?