Real-Life Examples Of Core Values
To understand core values and how they work, it's good to look at some real-life examples. These are cases where companies made major decisions based on their core values.
- In 1982, Johnson & Johnson began receiving reports from customers that its product Tylenol was causing cyanide poisoning. Even though Tylenol was one of its major products, the company carried out a recall that cost it around $100 million. The company's number one core value was its responsibility toward its customers. The recall, although costing a lot of money, protected Johnson & Johnson's reputation as a customer-oriented business and earned it a great deal of respect.
- Volvo is an automaker that has historically valued safety above all else. Their ‘Vision 2020’ states, “Our vision is that by 2020 no one should be killed or seriously injured in a new Volvo car”. And their perfect crash test scores prove they have followed through on this vision. Their core value of safety defines who they are as a company and their reputation has remained solid for many years.
- Southwest Airlines holds a commitment to the highest customer service possible as a core value. They have an intense screening process in hiring workers and only hire 2-3% of its 100,000 applicants per year. The company chooses only the most considerate, sociable, and outgoing applicants. As a result, it was the only airline to remain profitable in the aftermath of the World Trade Center terrorist attacks in the United States on 9/11 in 2001, where airlines tightened security and cut corners drastically with customer service.
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