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 in Managing a Business
In an organization, the informational flow is the facts, ideas, data and opinions that are discussed throughout the company. Information is constantly flowing through organizations and acts as the blood of the company. When information is no longer allowed to flow through an organization, the organization will eventually begin to collapse.Full Answer >
Administrative systems and procedures are a set of rules and regulations that people who run an organization must follow. These rules and regulations are put into place to help create a greater level of organization, more efficiency and accountability of the organization.Full Answer >
Used by companies that are selling securities, a prospectus is used to disclose all the essential information that investors need to know about the organization. These facts may include outstanding loans, revenue data and other key risks they face in the market.Full Answer >
Risk management is an approach in which an organization explores identifies, analyzes and mitigates the risks that can affect a project, according to project-management.com. The purpose of risk management is to protect the project from financial, social, cultural, environmental and other related risks.Full Answer >