Corporate governance and its effects on organization performance
Corporate governance comprises a system of rules, practices, and policies of an organization that are employed to ensure a good relationship between the management, different stakeholders, and the organization’s employees. For example, an organization that is not compliant with the business regulations will find itself in a problem with the government regulatory bodies and will waste money on fines and court processes. However, if corporate governance is intact, it will create policies that will bring a better relationship between all the parties of the organization to make work better and easy (Al-Habib, 2020).
The central role of corporate governance is to ensure the success and economic growth of any venture because it will introduce the best policies of the organization. Since corporate governance will incorporate policies, the management will be required to ensure that all the taxes and dues are paid to avoid fines (Hinchberger, 2019). Further, the policies will ensure that the organization hires people who have the right skills to serve the organization’s needs. Policies regarding employment and organization culture will make employees work better, and the performance will improve.
Suppose there is excessive competition in the corporate world. In that case, corporate governance comes up with motivation policies such as pay for performance so that the employees who perform better than others are rewarded. Such policies will make employees work smart, and positive competition will improve performance in the organization. The policies by the corporate governance can also be used to improve the relationship between stakeholders and defines what each of them will do to make their work easier. For example, the policies can delineate the different roles in an organization so that each of the employees knows their roles and perform them diligently will improve the performance of the organization (Sidhu, & Kaur, 2019). Specialization and division of labor are mandatory to improve professionalism in any organization to perform better in the long run.
Relationship between the stakeholders in the organization is an essential factor in any organization, if the employees are happy, they will perform better, and their productivity will improve. However, employee happiness can only be guaranteed if the policies made enhance the better relationship between the employees and the management, and the customers. Policies such as having team-building activities once in three months will give employees and employers a forum to discuss all the issues that affect the day-to-day running of the organization. The outcome of the team building activities will improve the employee morale, which will make the staff’s productivity improvements in the long run. The policies will improve information sharing between the organization, and it will make all conflicts to be resolved amicably, and operations will be improved in the organization (Watt & Schwartz, 2018).
Any organization can only perform better if there is enough capital to expand and venture into new businesses whenever a business gap arises. Investors are the only sources of capital that can assure an organization’s success. If there is a policy on accountability, the interests of the investors will be protected, and they will always give money to run the organization (Madinah, 2016). If the investors are happy with how an organization is being run, they will do all they can to improve investments, and the business will expand. If the corporate governance does not introduce better policies, it will make investors shy off, and hence the performance of the organization will deteriorate. It is therefore prudent to note that corporate governance is the factor that will either attract investors or make them shy off.
Accountability is one of the fundamental policies that enable an organization to improve its performance. Accountability policies make it possible for people to account for all the hours and resources given to perform better in the organization. If employees are taught that each minute in the organization matters and manages the time for better performance will make the performance of the organization better. Performance appraisal is one of the factors that enhance accountability. If employees can account for all they do in the organization, they will improve their productivity, and the organizational performance will improve by default.
References
Al-Habib, N. M. I. (2020). Leadership and organizational performance: Is it essential in healthcare systems improvement? A review of the literature. Saudi Journal of Anaesthesia, 14(1), 69–74. Retrieved from EBSCO multi-search database in the Touro Library.
Hinchberger, B. (2019). The Sustainability Game. Global Finance, 33(2), 20–21. Retrieved from EBSCO multi-search
Madinah, M. (2016). Corporate Governance and Influencing Performance from the Board Room | MILE Webinar [Video file]. Retrieved from https://www.youtube.com/watch?v=j3NXRYPCytw (55:55)
Sidhu, M. K., & Kaur, P. (2019). Effect of corporate governance on stock market liquidity: Empirical evidence from Indian companies. Decision (0304-0941), 46(3), 197–218. Retrieved from EBSCO multi-search database in the Touro Library.
Watt, D., & Schwartz, B. (2018). Governance in view: Done right, corporate governance audits can generate tremendous value for organizations. Internal Auditor, 75(1), 48–53. Retrieved from EBSCO multi-search
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