Q1
Corporate values can be defined as the beliefs, philosophies, and principles that enable a business to continue its operations. In simple words, corporate values are what drive the business organizations in the market place. Corporate values have greater significance in the global marketplace. The global marketplace is very competitive. This implies that corporate values tend to keep the organization’s employees to keep pace with the changing trends and guide them in their work. When employees are secure, they will be able to make the right decisions that will help achieve the organizations’ goals. Similarly, corporate values in the global marketplace have enabled the employees to know the business’s significant goals in the market sector. Another importance is that it enables the company to understand other organizations’ cultures in the market sector.
Most of the companies in the business sector have taken advantage of Corporate Values to help establish their brand and build a relationship with stakeholders, promoting Corporate Social Responsibility. Most of the Corporate Values entails about the competitive ability of the organization, which entails employees. Hence, the business sector uses Corporate Values to establish motivational and compensation strategies for employees. Also, they define how the organization will select suitable employees to achieve its goals. This helps it to achieve CSR because of offering job opportunities to people. Also, Corporate Values has defined how a business intends to promote customer satisfaction. This has been enabled by providing quality services and products to people and enhancing good relationships by communicating socially responsible messages. Most customers in the current global arena are more willing to trade with companies that care for the environment and also their wellbeing as customers.