Core Purpose and Values
Our Core Purpose is a clear and simple statement of what we do and what we stand for:
Our Core Purpose needs to reflect how much society has changed in recent years – more scepticism about corporations, more desire to see business demonstrate it has a purpose beyond profit, a sense that large companies should be contributing more to tackling some of the big challenges. The world has changed from a culture of ‘more is better’ to ‘making what matters better’.
That’s why we’ve changed our Core Purpose – this profound shift in society must be reflected in the way we think and behave as a business. Today, our brand must be about more than simply function. It’s about the way we work, the values we live by, the legacy we leave. We can’t solve the world’s problems but we want Tesco to always do the right thing, to inspire and to earn trust and loyalty from all of our stakeholders.
Our new Core Purpose is: We make what matters better, together. It is true to where we came from but more relevant to today and to the kind of company we want to be.
Our Values help us to understand how to put this into practice:
As one of the world's largest retailers with over 530,000 colleagues, we serve millions of customers a week in our stores and online.
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- Understand customers
- Be first to meet their needs
- Act responsibly for our communities
Understanding people – customers, colleagues, communities – and what matters to them, and then trying to make those things better, is at the heart of Tesco. It's about listening to people and talking to them using all the tools at our disposal – from Clubcard data to social media – and then acting by changing and innovating to meet their needs.
- Work as a team
- Trust and respect each other
- Listen, support and say thank you
- Share knowledge and experience
We know that looking after our colleagues in a culture of trust and respect is essential to the success of Tesco. Where colleagues feel recognised and rewarded for the work they do together, where they have the opportunity to get on and where they are supported in their development as they move through their careers in the business – they in turn try their hardest for customers
- Creating new opportunities for millions of young people around the world
- Helping and encouraging our colleagues and customers to live healthier lives and through this helping to tackle the global obesity crisis
- Leading in reducing food waste globally
Our scale means that we can provide affordable, high-quality food to people around the world and create value for customers. We want to use this scale to create greater value for society as a whole. In many ways we do this already, whether it's by creating thousands of jobs or working with thousands of farmers to provide world-class products. But now we want to scale up our efforts and make a positive contribution to some of the most pressing challenges facing the world.
Since we first introduced our Tesco Values more than a decade ago, they have become a vital part of our culture – and an essential underpinning of our growth and success. They ensure that every person at Tesco understands what is important – about how we work together as a team and how customers are at the centre of what we do. They are universal values, which have helped guide our people as Tesco has grown into new markets and new countries.
And as with our Core Purpose, we have had a hard look at whether the Values are all that we need in this new world and at a time of change – and we've concluded that we need a new Value, one that makes it clear to everyone at Tesco and beyond that we will put more back into society.
Our new Value is: We use our scale for good. Tesco is now a large company, touching millions of people's lives every day. This scale gives us an opportunity to make a positive difference to some of the biggest challenges facing the world. We've set three big ambitions in areas where we can make a real contribution and create value for society as a whole. Our new Value is also about building on the essential work we already do as a responsible corporate citizen.