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Lose them to where? Anecdotally, it's almost impossible to find a new job right now even for exceptional employees.

The current market will not last forever and once it turns around we're probably looking at a Great Resignation on steroids given the pent up demand for changing jobs.

It is incredible they are so openly saying that promotions are not based on work performance. That certainly gives me no motivation to perform better.

Act your wage wasn't just for minimum wage workers. Promotions have always been about brown nosing and blowing smoke. If you're just really good at your job you will be underpaid and overworked without the promotion.

> get a job elsewhere

I haven't asked, but they're probably okay with that too.