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

Essay

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?
Replacement summaries are better utilized.
A greater number of qualified employees are likely to be considered for openings and managers have more discretion in promotion decisions.
A greater number of qualified employees are likely to be considered for openings and promotion becomes more closely linked to performance for employees.
Managers have greater autonomy and more discretion in promotion decisions.
None, there are no benefits.