Promotions and transfers are particularly important aspects of most people's careers.
Promotion refers to an employee’s upward advancement in the hierarchy of an organization and usually involves increased responsibilities and compensation. Most people hope for promotions, which usually mean more pay, responsibility, and (often) job satisfaction. For employers, promotions can provide opportunities to reward exceptional performance, and to fill open positions with tested and loyal employees.
Transfers are reassignments to similar position in other parts of the firm, usually with no change in salary or grade.