My first exposure to Core Values was a joke
This is note #2 of 6 doing a deeper dive into a framework we are building toward.
This week is focused on Core Values:
Fresh out of college, I got to witness a flopped attempt at rolling out values throughout an investment bank. (I shutter to think how much money was paid to consultants for the public bank rolling out values throughout the entire Southeast of U.S.)
As a front line employee, Analyst, I experienced a couple emails, some posters put out in the building, and cute marketing materials for customers. The ”values” quickly became the source of jokes in the cubicles for the behaviors of the Vice Presidents, Directors, and Managing Directors. One of the core values was “One Team” so every time superiors predictably acted outside the bounds of ”one team“ a sarcastic reminder of “one team” was exclaimed from the bull pen of analysts followed by a roar of laughter.
The organization was not willing to uphold the values so the bank would have done better not to have articulated values at all. The values simply gave me a reminder that the leadership was not willing to follow through on what it claimed was priority.
After experiencing this botched values initiative, I was initially convinced culture and values is a bunch of fluff. The failed roll out highlighted the real priority was everyone extracting as much value for themselves as possible. This individualism created a mediocre team at best.
Ed Catmull says it best: “Give a good idea to a mediocre team, they’ll find a way to screw it up. Give a mediocre idea to a good team, they’ll find a way to make it better."
I left my first job curious of what makes a good team... Clearly, it’s more than just having a bunch of smart, ambitious people in a room for 70+ hours per week.
Over the past ten years I have been reading a lot about teams and great organizations. From my perspective, Jim Collins has done the most comprehensive research and heavy lifting for what creates great organizations. To sum it up, visionary companies have core values. The data suggests that the companies that last for decades and outperform the market understand who they are and seek to preserve the core. It is not enough to simply state core values. They must be lived.
Danny Meyer, successful entrepreneur, states the importance of having core values: “You have priorities whether you name them or not… if you want to grow, you’d better name them, and you’d better name the behaviors that support the priorities.”
Century has been on a journey to transform the culture and articulate its core values. We have named it and I believe upholding the values.
As I reflect on the past 19 months, my favorite line I’ve heard: “I like knowing where I need to be. If I’m in the middle of those circles….I’m good.”
My top 10 takeaways from our implementation of Core Values:
Values = the desired behaviors.
3-5 max - needs to be internalized by all teammates. Makes no sense to have a long list. There’s a reason zip codes only go to 5 digits… no one remembers anything beyond that.
Quickest way to make values real is termination(s). Upholding the values. Standards are what you tolerate.
Share the values through stories. Provides a sticky, deeper understanding.
Values at their best reflect the history and spirit of the organization.
Leaders are protectors of the spirit and “Chief Reminders”
Reward behaviors that live into the values. Celebrate, celebrate, celebrate.
If not willing to uphold values, then don’t bother with it and just focus on profits like most companies.
Values are the essential ingredient to building the culture
Values provide a glue that can transcend time, geography, and any one leader
Onward,
Matt