What is a corperate policy?

Answer 1

A Company Policy is an acknowledged set of broad guidelines that lays down the company's response to specific known and knowable situations and circumstances, determines the formulation and implementation of strategy, and directs and restricts the plans, decisions, and actions of the company's officers in achievement of its objectives. The policy is devised by the company's board of directors after a thorough assessment has been done of all the internal and external factors, including all applicable state and federal rules and regulations, that can affect the corporation's objectives, operations, and future ambitions.

A company policy is a unilateral statement by the employer of a decision it does not want to make again and again over time - what days we are open, what times we open and close, who gets how much vacation and sick leave, etc. Once announced, we need not decide anything but exceptions.

Answer 2

A documented set of broad guidelines, formulated after an analysis of all internal and external factors that can affect a firm's objectives, operations, and plans.