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 Cambridge Dictionaries Online, an organogram is a diagram that explains the relationship between different people in an organization. An organogram describes the jobs of each establishment at different levels and describes their relationships. A common name for organogram is organizational chart.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 >
Key performance indicators, or KPI, are a collection of quantifiable measures that are agreed upon in advance by stakeholders of an organization and that determine the success of the organization. KPI metrics should not only be measurable but also influence success.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 >