Ready-to-go resources to support you through every stage of the HR lifecycle, from recruiting to retention. Get clear, concise, up-to-date advice with our practical, step-by-step guides. It also means that when someone’s employment has to be terminated there’s a proper record in place. Don’t let jargon stand between you and your to-do list. Customer Quality Policy. The promotional policy is also tied in with the pricing policies. But that’s not all – there’s much, much more. And why it’s a good idea to write them down. Under the regular dividend policy, the company pays out dividends to its shareholders every year. He may say that he didn’t know the dress code or that he needed to request vacation time in advance. Additional Types of Human Resource Policies and Procedures: 1. Strategies for Creating Policies. (d) Policies becomes available in the same form to all concerned. Prohibited Content 3. These policies address a company's rules and procedures regarding holidays, vacation, sick, and other types of time off benefits, or leave required by law (such as voting leave, family leave, and domestic violence leave) or company policy. Other benefits include sick leave, vacations, canteen facilities and working conditions. Mere policies are formulated as to achieve the targets regarding the future. The “property” component protects against damage to or loss of the business’s property. In case of doubts, an executive refers to higher authority on how he should handle the matter. The terms ‘commercial insurance’ and ‘business insurance’ are often used to describe employers’ liability and public liability insurance – the two main types of business insurance. Policies arise from decision pertaining to fundamental managerial functions are called managerial policies. Your customers are the single most important component of your business. Types of HR Policies. Some people view company policies as a sign of encroaching bureaucracy and hence avoid having written or established policies as much as possible. 2. Fiscal and monetary policy comes in two types: Expansionary: Intended to stimulate the economy by stimulating aggregate demand. Product liability insurance works to protect a business in such a case, with coverage available to be tailored specifically to a specific type of product. Policies also provide a specific business model for the organization. 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. Dividends are often part of a company's strategy. Types of policies for your business. Other policies are created due to a legal requirement. Huge Collection of Essays, Research Papers and Articles on Business Management shared by visitors and users like you. The purpose of these policies is to guide the actions of their subordinates. For example, the branches will be opened in different place where the sales exceed Rs. What’s in, what’s out, and what’s around the corner—they’ve got the HR world covered. Besides your quality policy you should also define your customer credit policy. This equal opportunity policy prohibits any company from discriminating against employees or job applicants on the basis of a “protected characteristic” (gender, age, race etc.). 6. 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. This policy decisions have to be taken in connection with personnel administration. Primary programmes are made at the top level of management. The make or buy decision can also be a part of the product on policy but can be part of the marketing strategy which is concerned with the overall strategy of the business. 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