Hi Soujanya,
Yes you are correct with the generation process of both methods -
If your requirement is to use single quota type for both hire/promotion then you proceed with time eval solution where you need to make a single quota type and put it in increase generation mode. I believe you generating it as per calender year, then check condition with time rules for promotion date type. Basic condition in your time rules should be -
- if current date is equal to hire date type date - generate quota
- if current date is equal to promotion date type date - generate quota
But if your requirement is flexible and able to go with separate quota type for promotion then its upto you which method you choose.
Hope this helps!
Ashish