Best practices in governance and accountability
Organizational governance is an essential factor for success in any organization, and it is only the organizations that use the best practices which succeed in their operations. For example, if an international corporation does not employ culturally competent staff, their operations in the organization will be jeopardized. When an organization puts it into use, five best practices will govern the organization towards success and prosperity (Subramanian, 2015).
Hiring a competent and a diverse board
The board of any organization is the think tank as to how the organization will be run. If the board is made up of competent people, the business laws that will be formed in the organization will be in tandem with the land laws and fits the business landscape. Further, if the board is diverse, they will develop creative and practical ideas to run the organization. In the wake of globalization, corporations may opt to open subsidiary branches in other countries. Diversity will help the organization follow all the cultural laws of the different.
Defining the roles of each staff in the organization
Specialization and division of labor are directly proportional to performance. Suppose the organization has policies that ensure that different organization roles are delineated and given to different people who are trained and qualify to perform the roles as expected. If the organization wants to succeed, it should have a clear division between the production, marketing, and administration teams. The work is performed with the highest levels of professionalism. An organization that delineates job roles will perform better (Sanaei, Sobhani, & Rajabzadeh, 2016).
Accountability is one of the best practices in the organization, which will increase the organization’s performance. All the employees in the organization must be accountable for their daily duties so that the wages being paid meets the demand at the organization. For example, if a person works for eight hours a day, there must be a mechanism to account for the things they have performed every hour. Organizations which does not promote accountability may be plunged into losses since the employees may lose time and resources in the organization with impunity (McInnes Cooper 2014).
Commitment and ethical behavior
Human capital is the most vulnerable resource in the organization, and when it is well managed, it will provide better performance for the organization. However, if the organization does not treat the employees well, they may become the worst enemy of the organization. From the moment a person is employed in the organization, they should be exposed to training to be taught about the organizational culture and be empowered to work hand in hand with the management to deliver on their roles. Motivated employees will love their work, they will be committed, and they will serve the organization diligently to give the best outcome (Price, 2019). If the employees are not motivated and practice unethical behaviors such as kickbacks, they will plunge the organization into losses.
Goal settings and strategies to meet the goals
A successful organization must always have a management team that analyzes the business landscape and come up with goals to be met. A successful organization will set up SMART goals and in line with the organization’s requirements. Based on the market structure, such as competition and opportunities will make the board set targets that need to be achieved for optimal organizational running. They must also be followed with strategies to make them happen. The best practice that an organization can have is to have strategies in tandem with the organization’s goals. For example, suppose a company wants to open a subsidiary in a foreign country. In that case, it must form a research and development department to study what the new culture needs and employ culturally competent staff to run the operations in the foreign country (Pobalireland 2012).
In a nutshell, the best practices can help an organization perform better and thrive in the long run. Organizations whose governance does not apply the best practices will be left for failure and will not perform better. All corporations which wish to thrive in today’s dynamic corporate world must incorporate the five best practices and live by them.
Feeley & Driscoll. [Feeley Driscoll]. (2015, May 14). Best Practices for Non-profit Board Governance. [Video File]. Retrieved from https://www.youtube.com/watch?v=aqEkjqN1sCU (6:49 mins)
McInnes Cooper (2014). The top 5 corporate governance best practices that benefit every company. Retrieved from https://www.mcinnescooper.com/publications/legal-update-the-top-5-corporate-governance-best-practices-that-benefit-every-company/
Pobalireland (2012). Managing Better pt2 Principles of Good Governance [Video file]. Retrieved from https://www.youtube.com/watch?v=Vt7aTsmGq9Y (30:54) (Dated but very relevant)
Price, N. (2019). Nominating and governance committee best practices. Retrieved from https://insights.diligent.com/nominating-governance-committee/nominating-governance-committee-best-practices/
Sanaei, M. R., Sobhani, F. M., & Rajabzadeh, A. (2016). Toward An E-business Governance Model Based on GRC Concept. International Journal of Humanities, 23(3), 71–86. (Read sections 1 thru 4-1-6, p. 71-78). Retrieved from EBSCO multi-search.
Subramanian, G. (2015, 03). Corporate governance 2.0. Harvard Business Review, 93, 96-105. Retrieved from ProQuest Central Database.
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