What are Policies?

What are Policies?

The general statements that guide thinking and channel energy toward a particular direction are known as Policies. Policies are a type of Standing Plan and they provide a basis for interpreting strategy. A manager uses policies at his discretion. E.g. Decisions taken under recruitment policy can be in the case of recruiting employees for a new division, such as whether to recruit from the existing employees or to explore other external sources of recruitment, various policies under it regarding the salary structure, etc. A policy is used by organizations as a guide that avoids confusion and provides a structured and unified framework....

What are Objectives?

The endpoints towards which all business activities are directed are known as Objectives. It is the first step of planning. It is the desired place that an organization wants to reach. These are very basic and are mostly set up by the top-level management for the whole organization, but different departments can also set their objectives accordingly. Objectives should be measurable in quantitative terms, in written statement form, and should be achieved in a given time period....