Policy is a framework for how an organization should handle situations that arise. It shapes culture, defines expectations and stability, and gives leadership a strong foundation for handling risks and challenges. When policies are strong and well-implemented, companies can quickly adapt to changing circumstances with confidence and without making costly mistakes.
Policy-making is a collaborative effort involving many stakeholders and institutions. Government departments and agencies are instrumental in implementing existing policies, drafting new ones, and aiding in agenda-setting and evaluation. Other institutions such as think tanks and research institutes can contribute to policy development by conducting studies and providing expert advice. Civil society organizations, media outlets and philanthropists can shape the policy-making landscape by influencing agenda-setting and by promoting or funding specific issues.
The process of creating and enforcing a policy can often become a cyclical one, where the policy is made, implemented, and then evaluated and revised. This model of the policy-making process is referred to as the Policy Cycle. While it is a useful teaching tool, scholars do not consider the Policy Cycle to be an accurate representation of how policy actually gets made.
Policy-making is not just about laying out how things should be done; it’s also about communicating that to employees and getting them on board with the new guidelines. For this reason, most companies require employees to read and sign off on each policy, demonstrating that they understand the guidelines and will abide by them.
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