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Oh, come on: I found the piece a bit woolly, but you're making an awfully big assumption there.

Just because the author didn't talk about promotions doesn't mean they don't happen or that the company concerned doesn't have a "proper career progression internally".

They may well have a "proper career progression": they might even have multiple career tracks for engineers (we do). You simply don't know.

Either way, it doesn't matter: turnover will still happen because there are often fewer of the more senior positions available than there are of the less senior. This is less of an issue in rapidly growing companies, because there are generally plenty of opportunities to progress.

It's natural for people to move on to new roles with new companies from time to time and, as a manager and a leader, is something I'm supportive of when it happens. There are many reasons they do this, progression being one, but money often being another.

Of course, I don't deny that plenty of companies exist that don't consider progression, or have any structures in place to facilitate it, but from the information we have here you can't infer that's the case for this company.