policy development AND implementation: A TOOL FOR ORGANIZATIONAL DEVELOPMENT
1.1 Background of the Research
It is no longer debatable that we live in a globalized world characterized by the rapid movement of information across vast geographical areas via the Internet. This globalization has resulted in the rise of policy-making and implementation-based economies that place a premium on the effective management of human capital to ensure that workers continue to generate economic value.
Companies no longer compete only on the basis of financial resources and strength; instead, policy formulation and implementation has become the new competitive edge. In reality, the Gross Domestic Product (GDP) growth rate is currently influenced, among other things, by the quantity and quality of knowledge stock tapped and utilized in the production process of economic sectors.
Every business seeks to thrive and expand in a competitive climate. To achieve this, it must respond to and adapt to the changing social, economic, and political environment. According to (Bryson, 2004), the environments of public organizations have become not only more uncertain but also more tightly interconnected in recent years; thus, changes anywhere in the system reverberate unpredictably, and frequently in a chaotic and dangerous manner, throughout the environment.
This elevated degree of uncertainty and interdependence necessitates a response from public organizations. First, these firms must engage in unprecedented strategic thinking. Second, they must transform their insights into effective strategies to adapt to their changing circumstances, and third, they must establish the essential logic to lay the foundation for the adoption and implementation of their strategies.
Strategic decision making or strategic planning entails the process of defining the mission, values, goals, and objectives of an organization. An organization decides on an action plan and modifies its strategies based on the observed results.
Strategic decision making has the potential to turn businesses into huge organizations and sectors. Directors of organizations are blessed with the capacity to make policy decisions swiftly, often with scant information. The process of policy formulation employs metrics that provide an accurate picture of the organization, hence providing the essential impetus for the formulation of policies.
According to a poll, the strategic decision-making process can be completed in a few steps, and the chosen strategy must be sufficiently robust to enable the organization to do activities differently and more efficiently than related operations. Errors in strategic policy formulation can have an effect on individual economic decisions and also on business strategic planning. Financial objectives and performance can have a significant impact on the policymaking process, especially during the implementation phase.
To improve performance management capabilities and drive profitable growth, organisations must take a comprehensive approach that not only implements driver decisions, but also uses them to systemically link business strategies with the market, competitor, operational, and financial forces that drive value and, consequently, good decision-making.
Organizations spend less time and money collecting, preparing, and evaluating frequently unnecessary and annoying data items. However, the purpose of this research was to examine policy formulation and execution as a tool for organizational growth.
1.2 Description of the Trouble
In the majority of firms, particularly in Nigeria, strategic plans are not properly executed and implemented. Some public organizations do not value strategic planning and, as a result, they lack strategic plans. This may be due to a lack of understanding and appreciation for the importance of policy formulation and implementation to organizational growth. In order to combat this unattractive trend, it is necessary to examine the relevance of policy making on organizational growth in Nigeria so that management may recognize its value in establishing a competitive edge in the marketplace.
1.3 Investigative Questions
These are some of the questions the research seeks to address:
I What is the prevalence of policy formulation and execution as a strategy for organizational development?
ii) What problems face the formulation and execution of organizational growth policies?
What are the implications of policy formulation and execution for organizational growth?
1.4 Objectives of the Research
This study aimed to investigate policy formulation and implementation as a tool for organizational development. The particular aims are:
I to assess the prevalence of policy formulation and execution as a strategy for organizational development
ii) to identify the obstacles to policy formulation and implementation for organizational growth
iii) to explore the relationship between policy formulation and implementation and organizational growth
1.5 Importance of the Research
The findings of this study will be of significant use to policymakers, stakeholders, boards of directors, and Human Resource Managers, as they will analyze the significance of policy formulation and implementation on organizational growth, as well as clarify the obstacles and the means to overcome them. Researchers in adjacent fields will also find the study to be a useful source of information.
1.6 Scope of the Research
This survey included both public and private entities in Nigeria. The collected information from the respondents was subjected to additional analysis.
1.7 Restrictions of the study
The sole limitation faced by the researcher was financial. This resulted in the researcher only being able to print one hundred twenty questionnaires as opposed to the anticipated two hundred fifty. However, the researcher produced findings that are worthy of future reference and contribute to the current body of knowledge.
1.8 Determinations of Terms
The following phrases were utilized throughout this study:
Formation of ideas or plans that are used by an organization or government as a basis for making choices is policy formulation.
Implementation: the process of carrying out a decision or strategy; execution.
Organisational development: focusing on essential objectives and involve others in their accomplishment.
POLICY DEVELOPMENT AND IMPLEMENTATION: A TOOL FOR ORGANIZATIONAL DEVELOPMENT