As with most office slang, the term "Red Arrow" can mean almost anything you want and fluctuates within the context that it is used. Generally speaking it means to redirect something as an avoidance of taking on a task, but has also been used in terms of a rushed job that requires immediate attention.
"I don't feel like dealing with all this paper work, I'm gonna go ahead and Red Arrow this over to someone else so I can make happy hour."
"This was supposed to be dealt with yesterday, you better Red Arrow this over to marketing ASAP!"
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