Policies in a company are formulated through a systematic process. First, the need for a policy is identified, which can be due to a new business requirement, a change in the business environment, or a legal requirement. Next, a team or individual is assigned to draft the policy. This involves researching best practices, legal requirements, and the impact on the business. The draft policy is then reviewed by stakeholders, including management, employees, and sometimes even customers or external experts. Feedback is incorporated into the policy. Once the policy is finalized, it is communicated to all relevant parties and implemented. Finally, the policy is periodically reviewed and updated as necessary. This process ensures that the policy is relevant, effective, and aligned with the company's goals and values.
Even some of the world’s biggest organizations do strategy poorly, and incorrectly credit their succ...
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