Strategies and policies
Strategies
Strategies are the short-term and or long-term plans implemented in the organization for a specific purpose. Strategies belong to different functional areas such as marketing management, financial management, human resource management, and production and operations management.
Examples
Strategies related to marketing management
pricing strategies, distribution strategies, product strategies, promotional strategies.
Functional area HRM-related strategies
Amazon’s “Career Choice” program enables employees to improve their skills of employees even if they leave the organization.
Strategies in production and operations management
Lead manufacturing strategy is utilized in the production management of a manufacturing organization to reduce waste. For example, the Toyota manufacturing organization utilizes a lean manufacturing strategy to reduce waste and improve production.
Strategies in financial management
Capital budgeting is implemented in the organization to allocate the appropriate funds for the execution of various business activities. If the company allocates sufficient funds to the right project, then the company can get more written on investment. Financial strategies play an important role in the Optima Utilization of the available funds for the execution of various business activities.
Policies
Policies are the plans implemented in an organization for the long term. Forever. These are the frameworks employed to direct the execution of various activities in the businesses.
Human Resource Policies
Some companies appoint technicians or operators who have a minimum of two years of experience. These criteria act as the HR policy for making available the potential staff for the department.
Google implements the code of conduct policy to ensure proper behavior in the workplace, along with the ethics to be implemented. Google implements strict policies of code of conduct for workplace behavior, discrimination prevention, and harassment reporting.
Microsoft’s attendance and leave policy can provide flexible work arrangements, and pay will leave the benefits to the employees, which includes parental leave and sick leave.
Financial Policies
Expensive reimbursement policy
Amazon reimburses various expenses that are related to business travel, the condition is that it must be cost-effective. This type of policy may retain the employees within the organization.
Policies in Production and Operations Management
Quality control policy implemented in Toyota.
Toyota strictly implements the total quality management practices to ensure the actual quality meets the high quality standards. They follow six sigma standards also to reduce the waste agents to zero or negligible.
Inventory management policy
Wal-Mart implements the just-in-time inventory policy that ensures the stock level of the organization meets the requirements or needs, which avoids overstocking and understocking. By avoiding overstocking and understocking the Walmart can reduce the cost incurred to maintain the excess stock.
Health and safety policy in production
Nestle implements the health and safety policy, occupational health and safety policy, which ensures safe working conditions in the organization during food production.