institutionalization (noun, in-sti-tu-tion-al-i-za-tion, \ ˌɪnstɪˌtuːʃənələˈzeɪʃn \)
Definition: is a procedure that transforms a company’s mission, outlook, policies, strategies, and rules of conduct and workplace behavior into action guidelines that can be implemented into the day-to-day operations of the management and other workers. The purpose of institutionalization is to incorporate the essential values and goals of a firm into its culture and structure to increase the efficiency of the company’s business activities and improve its reputation in the eyes of potential employees, clients, competitors, and financial press.
In a Sentence:
- From time to time, a director has to send a strong message to lower level employees to show them how to follow the institutionalization that the company is striving to incorporate.
- Due to the recent changes in the company’s policies and code of conduct, an institutionalization process has to be started to implement those changes into the daily lives of the firm’s workers.
- If our firm wants to operate as a top player on the market and not just pose like one, we need to improve the institutionalization process.
Synonyms and related words: code of conduct, mission statement, company policy, strategic plan, company culture