I'm tired of seeing good people passed for promotions over people who were brought in externally. This alienates the employees and ensures that the majority will start looking for better options outside of the company (why stay when we know our chances of getting a promotion are minimal?)
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This is why I left.
I think it depends on the area and Sr. Manager (MD) when they bring in a new MD he or she tends to bring in people they kmow and trust to be EDs and VPs when people leave. My area has regular promotions, I just promted two of my people to VP last year and working on an ED this year