OER for a Post Graduate Programme in HRM
Module 1 :
Principles of Management
Module Content Map
Process of Policy Making
Policies have to be formulated for all the key functional areas of a Business. A policy is also a plan and hence the steps involved in policy formulation are similar to the steps of planning.
The first step of the policy making is the preparation of a Mission Statement for the Organization in consultation with its objectives. The Mission Statement will provide a suitable direction for the policy development.
Appraisal of the Environment
Establishing a harmonious relation between the environment and the organization is one of the most challenging tasks of the management. This environment includes internal as well as external environment. The internal environment of the organization in mainly constituted by the human resource of the organization and the external environment by so many players such as governments, legal bodies, associations, socio-cultural and economic situations etc. Appraisal of the environment includes collection of the data from the environment and interpreting its impact on the functioning of the organization.
Choice of the right policy
As in the planning process different alternative policies required to be identified and analyzed to select the right policy on each matter.