It's a bit similar to this question but not in the school related sense they've asked. I haven't found any sources on that and there's a chance that no such term exists. In such case, I'll be happy with that being confirmed and extra bonus if someone witty can make up one implying such a meaning.
Suppose there are two separate buttons, labelled promotion and demotion (or to promote and to demote). Now, we reconstruct the user interface so that there's only a single button. One way is to be super explicit and labeled it promotion or demotion but that creates problems (one being the size of it, as it's clunky and awkward, second one being that the order of terms may affect the user's choice).
Previously, the promotion or demotion occurred immediately. Now, we want to push the subject for a change in their status and decide the magnitude and direction later.
For now, I went with elevation (as we're talking sort of setting elevation of privileges). However, as I want to indicate that the there's a current elevation (level, status) already set (while the operation will reset it), I lean towards to reelevate. To me, it looks atrociously unnatural.