I remember a lot of Googlers on Blind and other people complaining Google is not what it used to be, promo sucks, I am moving to fb.
Now that fb has also suspended their promo for 2020 where are you going to move??
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The promotions decisions has nothing to do with cost and therefore is unrelated to the fact fb is hiring. The approach being taken is actually costing the company more than a regular cycle with promotions.
The decision that was made was to reduce tension and stress for most people during covid-19. That meant supporting leaves of 2+ months for caregivers and the elimination of the performance cycle in h1 simply defaulting everyone to a bonus multiplier of 125% (which is a higher overall cost for the company...). The goal was to reduce stress and to let people spend time taking care of their family.
The issue with that was - what will the company do with top performers?
There is no easy solution for that because all the relevant decisions (high performance ratings, promotions, etc) are dependent on the work being executed as part of a performance cycle.
At the end the decision that was made was that top performers will get recognized in the next cycle, but that we wont have promotions this half because we cant run a fair process without a performance cycle