Governance encompasses the rules and processes used to make and execute decisions within an organization. This term is perhaps most familiar in the realm of political governance, where governments at the local, state, and national level create and enforce laws. However, it is also an important concept for businesses and nonprofits, where sound governance principles can have a decisive impact on long-term success.

As in political governance, a top priority of corporate governance is to ensure the integrity and transparency of decision-making processes to preserve the trust and confidence of customers, investors, and other stakeholders. In today’s unpredictable world, it is also important to have resilient risk governance and change management principles in place to enable organizations to thrive even during times of disruption and unexpected circumstances.

Above all, good governance should establish a sense of purpose within an organization and a culture of accountability in performance towards its goals. Whether led by elected officials or a board of directors, principled strategic leadership can inspire alignment throughout an organization in pursuit of a common vision.

Having a firm grasp of the principles of good governance as well as an understanding of how to establish them within an organization are important assets for management roles of all types. Whether you are the director of a non-profit, the CEO of a corporation, or the mayor of a town, the ability to define shared goals and set a clear framework for achieving them is an essential skill.

A strong background in governance is thus valued highly in any organization. According to the Bureau of Labor Statistics, the median annual wage for general and operations managers in May 2019 was $100,780, and the median annual wage for chief executives was $184,460.

Yes! Whether you are working in government, business, or the nonprofit sector, an understanding of governance can help you take your career to the next level. Coursera offers a range of courses to help you learn about the application of governance principles across each of these areas from top-ranked universities including the University of Minnesota, The State University of New York, and Macquarie University. Regardless of your focus, you can complete coursework on a flexible schedule that lets you fit online learning into your existing work or family life.