Designations are not important in cases where the external exposure of the employee is minimal. They form the psychological part of an employee’s compensation package.
For those whose role demands an external exposure, a higher sounding designation would improve the canvas of opportunities, enabling a faster realization of the company’s goals.
For employees who have outlived their core utility in companies which believe in firing people only when there is a disaster of a nuclear nature, an improvement in designation would be an invaluable tool in the company’s Human Resources arsenal.
(Excerpt from my book ‘Surviving in the Corporate Jungle’, which covers more than hundred topics of interest to managers of all hues, shapes and sizes)