Policy is a written statement that reflects the employer’s standards and objectives relating to various employee activities and employment-related matters.
Policy is a plan that describes how a question or subject should be addressed: it helps guide management decisions. Because they explicity state what is to be done, thus ensuring consistent treatment, policies help managers make decisions on recurring topics such as:
→ Customer complaints
→ Customer credit
→ Disposal of records
→ Employee eligibility for profit-sharing and stock option plans
→ Use of facilities by outside organizations
→ Work schedules and break periods
→ Sale of surplus property
→ Employee discounts on merchandise
→ Vacations and sick leave
Webster Dictionary Meaning
- The settled method by which the government and affairs of a nation are, or may be, administered; a system of public or official administration, as designed to promote the external or internal prosperity of a state.
- The method by which any institution is administered; system of management; course.
- Management or administration based on temporal or material interest, rather than on principles of equity or honor; hence, worldly wisdom; dexterity of management; cunning; stratagem.
- Prudence or wisdom in the management of public and private affairs; wisdom; sagacity; wit.
- Motive; object; inducement.
- A ticket or warrant for money in the public funds.
- The writing or instrument in which a contract of insurance is embodied; an instrument in writing containing the terms and conditions on which one party engages to indemnify another against loss arising from certain hazards, perils, or risks to which his person or property may be exposed. See Insurance.
- A method of gambling by betting as to what numbers will be drawn in a lottery; as, to play policy.
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