Years of experience don’t correlate to output in all careers. Surgeons and engineers get better over time. This might not be true for all jobs. Meanwhile, management is naturally capped because every manager necessarily needs people to manage under them, so there’ll be 1/N^y managers at the yth level of the org. Unless loyalty ought to be reward for its own sake, it’s not clear why 100% of workers should get promoted…
Now obviously you can't have every employee promoted to a Sr. Architect or Fellow, but that is ok be cause not everyone can (or want to) obtain that necessary skill set. A while back I recall seeing a grid with various levels, what management title that would typically mirror, and the skills that would be required for each level.