It's way better than the secret promotions that happened where I used to work (a fortune 500 company). The levels were spaced much farther apart than FAANG and when someone did get promoted you'd only find out if they decided to make a change to their email signature.
Reminds of a job where they would wait until the last day to announce someone was quitting. Management required the resigning employee to keep quiet. So hand-over then became a mad-dash for all involved.
I'd prefer that. We're big enough that there are nice promotions every week upgrading marketing/sales and M&A people into upper management. The last (last as in terminal, final) time I privately asked about promotion pathways all it got me was the manager's ridicule in a later engrg department meeting.
