A Canadian bank has, for several years, established formal promotion procedures and published these procedures so all employees are aware of the criteria by which promotions are rewarded.What are the benefits to the bank of doing this?
A)Replacement summaries are better utilized.
B)A greater number of qualified employees are likely to be considered for openings and managers have more discretion in promotion decisions.
C)A greater number of qualified employees are likely to be considered for openings and promotion becomes more closely linked to performance for employees.
D)Managers have greater autonomy and more discretion in promotion decisions.
E)None, there are no benefits.

Question

Quizplus · Accepted Answer

By establishing formal promotion procedures and publishing them, the bank ensures that a greater number of qualified employees are considered for openings, and promotion becomes more closely linked to performance for employees. This can lead to better employee morale, retention, and productivity, as employees are rewarded for their hard work and can see a clear path for advancement within the company. Additionally, this can lead to better recruitment as potential employees may be attracted by the bank's transparent and fair promotion procedures.

A Canadian Bank Has, for Several Years, Established Formal Promotion