For many businesses, their HR policies exist inside an induction manual, which is loosely referred to on an employee's first day and beyond that does nothing more than line the bottom drawer of their desk.
However, truly successful companies don't see their HR policies as just a compliance requirement. They recognise that these vital components set the guidelines and parameters for how their business operates.
They don't choose to create policies because they are successful; they are successful because they have well-developed policies.