SOP Employee Promotion (Examples & Templates) (Word DOCX)

BENEFITS OF DOCUMENT

1. Provides of Policy & Procedures of SOP Employee Promotion
2. Provides of Flowchart of SOP Employee Promotion
3. Provides of Employee Promotion Proposal Form & Employee Promotion Form

DESCRIPTION

This product (SOP Employee Promotion [Examples & Templates]) is a 6-page Word document, which you can download immediately upon purchase.

SOP Employee Promotion (Examples & Templates)

Contents :
1. Policy of SOP Employee Promotion
2. Procedures of SOP Employee Promotion
3. Flowchart of SOP Employee Promotion
4. Employee Promotion Proposal Form
5. Employee Promotion Form

Employee Promotion means the ascension of an employee to higher ranks. It involves an increase in salary, position, responsibilities, status, and benefits. This aspect of the job drives employees the most—the ultimate reward for dedication and loyalty towards an organization.

In theory, a promotion requires more work and effort in a job. Based on organizational policies, these promotion-based decisions are taken on different aspects. These can be the length of service, experience, seniority, performance, etc.

Employee Promotion is one of the main goals of employees working hard. Thus, it turns into their expectation. When employers don't fulfill these expectations, they end up losing employees.

A study conducted shows that 40% of millennials expect a promotion in one to two years. It also states that if not provided with one, they will leave a company searching for opportunities elsewhere.

Employee Promotion often includes a pay raise which acts as a huge motivation. This, in return, further reduces attrition. A survey published shows 35% of employees quitting their job because of no pay raise in a year.

As stated above, employee promotion is a big tool for career advancement and employee retention. It is because when employees get a chance to grow, they stick with a company. This motivation ultimately correlates to higher productivity.

Internal employee promotion involves less cost than hiring new ones. This is a fact that is shown in a study published by The Wall Street Journal. It was found that companies pay 20% more in onboarding a new hire instead of internally promoting one. This harms the desired cost-cutting measures of a company.

Employee promotion facilitates the critical career path and growth of an individual. A statistic in 2021 showed that lack of career development is one of the key reasons for attrition. Even in this day and age, it is bound to be one of the main concerns of employees.

Employee Promotion often brings new responsibilities that initiate a sense of management. This sense of management is a key factor in employee satisfaction as it helps them grow. In a detailed study, it was found that 45% of millennials are keen on managing others.

Regards,

UJ Consulting

Source: Best Practices in Human Resources Word: SOP Employee Promotion (Examples & Templates) Word (DOCX) Document, UJ Consulting