The only reason for promotion these days, outside of sponsored HiPos, is to replenish the PIP fodder at the bottom of the next CL rank group.
They need new non sponsored persons to focus downward pressure onto.
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Some people have strong enough sponsorship to stay Good without being a HiPo.
I have seen this a few times and seen them drop as soon as Sponsor transfers or retires.
Good while it lasts.
I am not a Hipo, but my pay went up quite a bit since I was promoted to CL28 two years ago. Hard work and being smart pays off.