A business policy is an important component in any industry whether it is a small-scale business or a business conglomerate. There are many kinds of policies that any business owner can set to serve as guidelines for its workforce. The written policy will determine the performance and violations of the employees.
When you plan to start a business, you need to create a business policy that balances the welfare of your employees and your business interest. If the policy is not balanced, it’s biases can affect the behavior of your employees and their loyalty to the company will be jeopardized.
To achieve high production, the policy should inspire and encourage your workers to work harder to receive rewards and benefits as the management has promised after boosting their production. The policy should be harmonious with the needs of its workers and increase company earnings.
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A company that operates without an existent company policy cannot expect harmony within its workforce and the management because there are no definite rules and regulations that they have to follow. Before hiring your employees, they have to be oriented about your company policy as their guidelines to avoid future violations and misconduct. The importance of business policy should be stressed for any business endeavor to straighten out some loopholes and lapses between the management and workers.
An open communication from the management should be imposed regularly to monitor your employees’ performance and work ethics. As technology advances, you can update and revise the business policy from time to time and strictly enforce them for proper compliance.
Included in the company policy are the job descriptions, absences and tardiness, liability, wearing of uniforms, sick and vacation leaves, health and safety, grievance, union, grievance, salary and wages, social security and insurance benefits.
The success of a business operation would depend on how the company policy is being implemented. If the employees are aware of their duties and responsibilities, they are cautious about their performance because they know that a violation would end in reprimand or suspension. A memorandum should be circulated to remind the employees about their role in the business organization.