

One of my favourite things is the one-paragraph short story “On Exactitude in Science”:
On Exactitude in Science Jorge Luis Borges, Collected Fictions, translated by Andrew Hurley.
" …In that Empire, the Art of Cartography attained such Perfection that the map of a single Province occupied the entirety of a City, and the map of the Empire, the entirety of a Province. In time, those Unconscionable Maps no longer satisfied, and the Cartographers Guilds struck a Map of the Empire whose size was that of the Empire, and which coincided point for point with it. The following Generations, who were not so fond of the Study of Cartography as their Forebears had been, saw that that vast Map was Useless, and not without some Pitilessness was it, that they delivered it up to the Inclemencies of Sun and Winters. In the Deserts of the West, still today, there are Tattered Ruins of that Map, inhabited by Animals and Beggars; in all the Land there is no other Relic of the Disciplines of Geography."
Source: https://www.sccs.swarthmore.edu/users/08/bblonder/phys120/docs/borges.pdf
There’s not a straightforward answer to this because it’s far too context dependent, and even a CEO at a small company won’t have absolute control over the culture of that company; I’ve seen company culture turn from amazing to toxic after losing only a couple key employees (good managers are gold dust).
To draw a comparison: staff pizza parties are so widely scoffed at not because people hate pizza, but because, when set against a backdrop of employees not actually being respected or valued, it makes them feel worse. Good will can’t be bought, whether by pizza, extra days off, or field trips. Some of those things can help, but much more important is the cumulative culture that’s built at the company.
Most decisions like discretionarily giving someone time off to look after family are going to be made at a level lower than CEO. Sometimes great policy ideas arise from a great manager using their discretion to make a sensible call, and then going “maybe we could put [idea] in place for future”.