Policies describe the unwritten and written guidelines that institutions and governments use when they respond to situations and issues ( Draper, 2017) . Furthermore, internal company policies refer to a set of documented guidelines that describe standards regarding employee behaviour and proper procedures. Businesses have control over internal policies. Some of the internal businesses policies include business ethics and practice, employee-employer relations, hiring policies, employer-community policies, and compensation. All businesses, from the largest multination to the smallest businesses have internal policies that affect how they do business. The assignment will evaluate how the internal policies have caused the businesses to evolve over the past seven decades.
In the 1950s, most businesses mainly hired the majority ethnic groups. The minority ethnic groups were often the lowest paid employees. However, the hiring policies changed. Hiring policies are also focusing on avoiding gender discrimination and equal employment opportunities for all residents regardless of their race, ethnicity, sexual orientation, or age. Some businesses have used affirmative action to ensure minorities have an opportunity in the organization. The modern day businesses are more diverse than they were in the 1950s. Compensation refers to issues such as fringe benefits, starting salary, stock options, and regular raises. Compensation policy also includes the income gap between the senior management and the lowest paid employees. In the 1950s, the senior management in most business rarely made ten or fifteen more times that the salary of the lowest paid employee ( McMillan & Rodrik, 2011) . However, due to changes in compensation policy and the rise of multinationals in the modern day, some CEOs of major business may even earn hundreds of times the salary of the lowest paid employee.
Delegate your assignment to our experts and they will do the rest.
Employee-employer relations have also changed the face of business. In the 1950s, companies only focused on making profit at the expense of their employees. However, the rises of human rights organizations and labour unions have changed how employers view their employees. Businesses have realized the significance of employee welfare. Also, businesses are now focusing on building efficient staff through effective recruitment, training, and retention techniques. Moreover, managers attend leadership seminars to ensure they manage employees appropriately (Lawrence & Weber, 2014). In addition to employers improving employee relations, businesses are also focusing on their relations with the community. Unlike in the 1950s, businesses are attempting to become better citizens by improving their social relations. Businesses are responding to various community issues such as pollution and social responsibility.
Unlike the 1950s, most businesses currently have ethical values that guide their practices. Other than just making a profit, most businesses have an obligation to the community and government to act ethically and compete fairly in the market. In the 1950s, most business practices were manual and involved a lot of paperwork. However, technological advancement has changed how businesses carry out activities. The more up-to-date an organization’s copy machines, computers, faxes, and phone systems, the more productive and efficient the employees will be ( McMillan & Rodrik, 2011) . Technology has also changed the face of business communication. Businesses can now communicate with partners, employees, and clients globally through smartphones and computers. Also, computers have allowed businesses to automate their practices and procedures. Ultimately, technology enhanced efficiency while reducing paperwork.
The assignment evaluates how the internal policies have caused the businesses to evolve over the past seven decades. As businesses strived to earn more profit, they had to be more effective by changing internal company policies such as business ethics and practice, employee-employer relations, hiring policies, employer-community policies, technology, and compensation (Lawrence & Weber, 2014). The changes in the internal policies allowed business to not only become more efficient but also changed the face of businesses.
References
Draper, T. (2017). American business and public policy: The politics of foreign trade . Routledge.
Lawrence, A. T., & Weber, J. (2014). Business and Society: Stakeholders, ethics, public policy : Tata McGraw-Hill Education.
McMillan, M. S., & Rodrik, D. (2011). Globalization, structural change and productivity growth (No. w17143). National Bureau of Economic Research.
