It is important to say progression is not strictly about pay and promotions: Improving skills, building autonomy and development a better work life balance are all equally valid considerations to employees in the 21st century when thinking about in-work progression.
If your serious about developing talent in-house, those looking to progress elsewhere but unable too will notice. With talent so in demand, having a visibly positive approach to career development will give your organisation an edge in attracting new people, as well as encouraging staff already working with you to stay, as they can progress with you more than they can progress elsewhere.
On the flip side, you don’t want to be the organisation losing your employees to competitors seen as better places to work and progress.