When a new workflow is added it can be set to either Live (default), Draft, or For Approval.
If a Workflow is set to DRAFT mode it will be highlighted in the Workflow Panel and on the Workflows summary screen.
Users and/or Groups assigned to this workflow and with the appropriate permissions will be able access and run this job to check they are happy. Once the user is happy, they can send the DRAFT version for approval by clicking on SEND FOR APPROVAL.
If a Workflow is set for approval it will be highlighted with an hourglass icon in the Workflow Panel. Users with appropriate permissions can still access and run this workflow at this point.
Approvers can then click on Approve, add any comments and either reject or approve the Workflow.
A summary of all approvals and any associated comments can be found by clicking on Version History.
All Approvers Required for Workflow Approval - this is a team setting which can be toggled on or off as required. If it is on, then all users and/or groups assigned with Approval permissions will need to approve the Workflow before it can go live. Team Settings can be viewed here.