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There is bound to be a time lag for incorporation of such changes into existing written policies. General policies. Other benefits include sick leave, vacations, canteen facilities and working conditions. The purpose of these policies is to guide the actions of their subordinates. In case of sales force, some organisations prefer to rely merely on salaries, but some other companies wish to build in a commission component to provide the necessary incentive. Specific Policies (i) Specific objectives defined, which are “actionable” (ii) Appropriate selection of major instruments to meet specific objectives “A public policy is … Foreign policy is the policy of behavior between one sovereign state and other sovereign states. All Rights Reserved. Planning policies may formulate for whole organisation or for divisional departments. Policy occurs at various levels and points of interaction—personal, organizational, and public. Departmental Policies. These policies are highly specific and applicable to the lower levels of management. Policies can be classified into two types on the basis of dissemination: Policies which are in writing or included in the manual or records are called explicit policies. Some others advocate the policy of direct selling. With loss sensitive insurance coverage, the company shares the burden of its loss expenses with the insurer. HO-3s provide “all-risks” coverage for the dwelling and coverage against the … Therefore, these specific policies are designed to undertake those specific issues of the company. Essays, Research Papers and Articles on Business Management, Policies in an Organisation | Term Paper | Decision Making | Management, Difference among Policies, Goals and Objectives, Organisation Manuals: Meaning, Types and Merits, Advantages and Disadvantages of Franchising. The “casualty” or liability component provides protection against legal liability for damages caused to other people or their property. Term life insurance policies are more affordable than other types of life insurance policies and generally have lower premium costs. Abortion 2. Businesses need separate insurance policies to cover professional services, vehicles and their employees’ health/disability needs. Policies may be imposed externally that is from outside the organisation on such as by Government control or regulation, trade associations and trade union etc. Copyright 10. (d) In case of confidential policy statements, there is a greater chance of their being communicated to those from whom they are to be kept secret, thus, probably marring the strength of the organisation. These policies regard with the remuneration and other benefits of employees. It is related to both the marketing policy as well as production policy. Fiscal policy: Changes in government spending or taxation. Production has to be stabilized through proper timing as market demands cannot be overlooked. According to JS Chandan, “Policy is a statement and a pre­determined guidelines that provides direction for decision making and taking action. 1. The Security Policy The security policy is a high-level document that defines the organization’s vision concerning security, goals, needs, scope, and responsibilities. Policy decisions would also help in arriving at the amount to be spent on promotional activities. The market segment or segments aimed at determination of price range. Policy decisions, however, have to be taken in this behalf at the top level. Policy is defined as a definite course of method of action selected from among alternatives and in light... 2 Foreign Policy. Policy decisions have to be taken in the area of pricing. In effect, the business transfers the expenses associated with its losses to the insurance company. The “casualty” or liability component provides protection against legal liability for damages caused to other people or their property. Other government policies including industrial, competition and environmental policies. The deductibles are generally in amounts of $100,000 or higher. Planning policies involve the future course of action. The automation involves consideration of technical problems apart from economic aspects. Like the many other policy tools, standards can be very effective at reducing pollution of various types; they are often used in conjunction with other policy instruments such as bans or quotas. The entire legal structure of our country stands on the collective actions of its representatives. Mere policies are formulated as to achieve the targets regarding the future. This depend on the backlog or orders as well as the nature of automation introduced. These policies which are generally formulated at top level helps managers sufficient freedom to make judgments and helps to achieve the organizational goals and objectives. Looking at some examples of these categories should give you an idea of how public policy fits into each area of society. Some companies follow a policy of dividend equalization by setting aside profits in good years to be used for payment of dividend in lean years. Policy analysts must avoid the “one-size-fits-all” approach when choosing methods by which to conduct an analysis. Several insurance companies have developed special package policies to address the special needs of home businesses. Again, guidelines may be provided by the decision makers unconsciously and become implied policies. For example a person might slip in a shoe store, but not experience severe back pain until several months after the fall. 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