Determine the key benefits of creating policies. Provide a rationale for your response.

Week 9 assign | Business & Finance homework

The key benefits of creating policies are twofold: they create a sense of unity and purpose, while also providing guidance for how to approach certain tasks. Policies provide an organization with a set structure that everyone can follow and adhere to. This helps to ensure that all members of the organization are on the same page and working towards the same goals from day one. In addition, having specific policies in place provides guidelines for both new employees and experienced workers alike; it gives people clear guidance about what is expected of them in terms of their behavior, work ethic, performance standards, etc., taking away much of the guesswork involved when trying to figure out how each task or situation should be handled.

Policies are also essential for ensuring compliance with local laws, regulations, or other industry-specific requirements related to safety and ethics. By regularly reviewing your organizational policies (and making changes where necessary) you can help proactively avoid potential legal issues before they have a chance to arise; this eliminates costly fines or noxious lawsuits down the line. Moreover, having well-defined policies in place ensures that any discrepancies between management decisions and employee expectations can be addressed promptly since everyone understands exactly what is expected of them at every step along the way.

In short, formulating effective policies is integral for maintaining order within an organization’s ranks as well as avoiding potentially damaging legal implications further down the line. Furthermore, crafting clear policy statements allows supervisors to more easily evaluate employee performance while giving personnel some much needed direction in regards to how they should approach various tasks throughout their shift.