Are Your Company’s Core Values Driving Your Success?

As businesses respond to society’s demand for authenticity, companies recognize the power of demonstrating core values

By: Jenna Lang Warford

Far from being harmless, as some executives assume, they’re often highly destructive. Empty values statements create cynical and dispirited employees, alienate customers, and undermine managerial credibility.

— Patrick M. Lencioni, author of The Five Dysfunctions of a Team

62% of consumers say purchasing decisions are influenced by a company’s ethical values and authenticity.

— Accenture Strategy

 

Fifty percent of consumers say that the pandemic has caused them to rethink their personal purpose and reevaluate what’s important to them in life, according to the 14th annual Accenture Strategy Global Consumer Pulse Research survey. Additionally, 42 percent say the pandemic made them realize they need to focus on others more than themselves. The result? Sixty-three percent are buying goods and services from companies that reflect their personal values and beliefs, and fully 47 percent have stopped doing business with a company as a result of its actions.

The survey, which included more than 25,000 consumers across 22 countries, with follow-up focus groups in five countries, makes it clear that consumers want more than transactional relationships—they value a company’s stance and are interested in aligning with businesses that share their values. According to the research, 62 percent of consumers say purchasing decisions are influenced by a company’s ethical values and authenticity.