Question

What are the advantages and disadvantages of formal sector

Answer 1

Answer:

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Answer 2

Answer:

ADVANTAGES:

1-Security: A formal organization is more established and the entity of the company is not dependent on individual losses. So working in such an organization provides secured financial support to the employees and the employees working here is more devoted to work.

2-Promotion is slow but steady: In a formal organization the promotion may not be rapid due to a chain of command but with certain seniority, in the organization with sufficient performance personnel is sure of promotion.

3-Commissioned ranks open to men and women graduates: A formal organization will always put preference to recruit graduate or highly educated personnel I the company in a way creating job opportunities for this class of people.

4-Can’t be fired: After recruiting a person a formal organization tries its best to develop the personnel. In many cases, the personnel is not generally fired depending on a few personal mistakes.

5-Good retirement benefits: The organization of such value will arrange a plan for the employees so that they can retire with benefits.

DISADVANTAGES:

1-Limited Flexibility: As this type of organization is very specific in every activates there is the very little margin of flexibility and spontaneous decision making in the company. Such practice in the company can be demotivating to the employees.

2-The slowness of processing: In a formal organization for performing a task needs many formal procedures to accompany. Such formalities often slow down the implementations of decision making.

3. Communication Barrier: As in a formal organization a task needs the coordination of different departments so communication needs to clear in this process. Any kind of miscommunication may lead to ultimate inefficiency.

4. Quality of decision: Sometimes the quality of the decision made in the top management may not be most compatible with the company but the chance of correction is very scarce.

Explanation: