Simplistically, understanding policy is important for everyone – whether you are a young adult, an entrepreneur or even a stay-at-home parent, because it can directly affect you as an individual and have a BIG IMPACT on your life, hobbies, livelihood and community.
Let’s say you’re a young adult who has just landed your first job. I’m sure you are excited to start working, make money and chase your dreams, but hang on a sec….it’s also important that you understand the policies of your workplace and state or country’s labour policies.
For example, you need to know the minimum wage and fringe benefits in your state, the rules around taking breaks or applying for leaves, what your employer is required to provide if you work overtime and what your rights are if you experience harassment or discrimination in the workplace. Understanding these policies can help you advocate for yourself and ensure that you’re being treated fairly.
Similarly if you’re an entrepreneur. You need to be aware of the policies that govern your industry. For example, if you’re opening a café, you’ll need to understand the health and safety regulations, food handling guidelines, labour laws and tax policies. By understanding these policies, you can ensure that you’re running your business legally, better understand your cost breakdowns and avoid any unexpected fines, lawsuits or even the need to have your business shut down.
Policy understanding is not limited only to those actively involved in the economy
Even those disconnected from the economy (e.g. stay-at-home parent, elderly, school-going children) needs to understand policies.
For example, if you are a parent, you will need to know the state or country’s education policies to ensure that your child is enrolled at the right age, sit for the right examination and receive the appropriate teaching support if any form of learning and/or physical disabilities exist.
Not only that.
Understanding policy can help you advocate for change
If at any time you find that a particular policy is unfair or unjust, you can use your voice to try to change it.
For example, if you are a teenager who is passionate about climate change, you might want to advocate for policies that promote renewable energy and reduce carbon emissions. Or it you are an entrepreneur who is frustrated with red tape and bureaucracy, you might want to lobby for policies that make it easier for small businesses to succeed.
Understanding of policies also help you make informed decisions
Let’s say you are considering investing in a particular stock/share, you will want to understand the policies that could affect the company’s performance such as tax laws, environmental policies and trade regulations before making your investment decision. By taking these policies into account, you can make better and more informed decision.
Simplistically, understanding policy is important as it helps you navigate complex systems, make informed decisions, avoid trouble and advocate for change. By staying informed and engaged, you can also be a responsible and effective citizen in your workplace, community and country.
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