There are lots of good reasons why we should (or should not) announce promotions. Without re-litigating the discussion, I'd like us to consider one angle that I don't hear discussed nearly enough...
Pick your favorite product area at a large tech company. Being promoted to L6 on the IC SWE ladder is a huge accomplishment.
Do you think that any majority men (Asian, White) attained this achievement in the previous performance review cycle?
Do you think that any black women were promoted to L6 on the IC SWE ladder in that same product area?
Because if you work at Google / Amazon / Facebook / Microsoft , one of the top drivers of "regretted attrition of under-represented folk" (aka great employees leaving), is perceived impossibility of advancement for people like them.
Lack of knowledge of folk like them succeeding in their own PA.
You can increase retention just by reducing the gap between perception and reality of advancement for URMs.
But engineers _love_ really, really, hard challenges. We want to go to Mars, solve world hunger, build artificial general intelligence, etc.
Don't rely on some random, busy dude 🙋🏿♂️ having a personal relationship with the high performing URMs in your team to help your retention numbers.