The purpose of promotion is to move ahead in the ranks, to gain more experience and to receive honor and benefits in an organization. When a person is promoted within a company, he receives recognition in the workplace for his accomplishments. Promotion is also used to ensure that a business maintains a diverse workforce and does not discriminate against its workers by limiting equal access to better positions.Know More
According to the Code of Federal Regulations, every employee must be given proper consideration for a promotion. A person may receive a promotion by pursuing one, or a promotion may be a reward for outstanding work performance. When workers are promoted to higher positions, new hires fill lower positions. An organization may also need a person’s particular skills to obtain success in another department, so promotion becomes necessary for company advancement.
It is beneficial for employees to witness promotion in a business because it shows that moving ahead is a possibility and may motivate them to perform better. Promotion often leads to higher compensation and additional benefits that allow the employee to live a better lifestyle. Working in the same position for decades on end can be boring and may lead a person to despise his job; but promotion keeps work interesting.Learn more about Managing a Business
According to the Merriam-Webster Dictionary, administration refers to the activities that are related to operating an organization such as a company or a school; the collection of individuals who run an organization; or the part of a government that is identifiable with that government's leader. The medical definition of administration refers to executing something directly or doling out medication. The word was first used in the 14th century.Full Answer >
The CV Centre recommends answering this common interview question with honesty, but the answer must match the organization to which a prospective employee is applying. The easiest way to answer this question is to identify the best attributes of the prospective employer and build the description around those qualities. This question is usually asked in a job interview to determine whether the prospective employee fits with the company.Full Answer >
High staff turnover means an organization loses a relatively high percentage of employees compared to those it hires and retains. High turnover is costly for an organization because of the costs to hire and train a new worker and the lost knowledge of the exiting worker.Full Answer >
Strategic management is important because it allows an organization to initiate activities, influence activities and be proactive rather than reactive in its strategy so that it has full control over its own destiny. Strategic management benefits all business ventures, including small business, for-profit, nonprofit and Fortune 500 companies.Full Answer >