However, does the production & processes only define the organization, or is there something beneath it? Obviously not, there are many more factors that make an organization successful other than the manufacturing and production activities. They are as follows –
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In simple words, governance means the systems by which an organization is directed and controlled when it comes to making certain changes in the entity or making certain decisions.
The way the top level of the company behaves when it comes to making certain crucial decisions is known as corporate governance.
The main elements that should form a part of corporate governance are transparency, accountability, responsibility, fairness, social responsibility & independence.
Transparency is all about keeping the functions and operations of the business workings visible in a way that others can see what is happening in the organization.
The need for transparency arises in order to take care that no scams or frauds are attempted within the organization or no action is taken for the sake of personal benefit.
Sustainability is all about carrying out the business operations in a way that no harm or the least depletion takes place in the environment or natural resources.
The first step in sustainability is to identify the current loss happening to the resources due to current operations and the second step is to look out for sustainable alternatives.
4. Impacts on the society
Along with earning profits, it is also inevitable for the organization to measure the impact that it is having on society. The impact is measured in all terms, from economic to the number of employment opportunities it generates to the mental & environmental impact it.
5. Clean & safe space for work
An organization that provides a clean and safe space to work for its employees and executives shows its dedication towards the cleanliness and safety of its employees as well.
Having mentioned all these, an ideal organization will have the above characteristics along with being good at its production and manufacturing processes as well.
This is what makes Meghmani, an industry worth looking up to, because it considers all the factors that make an organization ideal.