Here's what makes that finding particularly troubling: the study estimates that employees who applied because their managers were preparing to leave had a 49.1% chance of getting hired, compared with 27.6% for the average applicant. That's nearly twice the estimated likelihood of getting hired. Yet until their manager's circumstances changed, they weren't even applying. Their qualifications hadn't changed. The circumstances discouraging them from applying had. Haegele also compared employees' private performance ratings with assessments of their promotion potential that circulated more widely within the company. She found systematic patterns consistent with managers understating employees' potential relative to what their performance would predict. In other words, your manager might be telling you how valuable you are while the people making promotion decisions are hearing something different. That doesn't mean every manager is deliberately holding someone back. Promotions require openings, budgets, and readiness for a different role. Plenty of managers actively champion their employees. But it does mean you shouldn't confuse being appreciated with actually moving forward. Encouragement isn't sponsorship.Think about two conversations with your manager.
Neither conversation guarantees a promotion. But the second gives you something the first doesn't: a direction, a plan, and someone willing to help you execute it. And that's the distinction many employees miss. A performance review tells you how well you're doing your current job. A career conversation should establish what it will take to get your next one.
So what should you do?Start by having that conversation. Ask for a specific target role, the requirements you're missing, who's involved in the decision, and what your manager will do to help you get there. If the response is another variation of "keep doing what you're doing," pay attention. It isn't necessarily a sign of bad intentions, but it certainly isn't evidence of progress. If looking for another role might put your current job at risk, start with the process, not an announcement. Find out whether internal applications notify your manager and whether HR or recruiters can explain the rules confidentially. If the risk is too high, explore opportunities outside the company without alerting your manager first. Then look beyond your manager. Find out how internal hiring decisions work, speak with people who lead teams you'd want to join, and understand what those opportunities actually require. Most importantly, make a decision based on what you learn. If your manager can't help establish a credible path forward, don't spend another review cycle hoping one will appear. Start pursuing opportunities where your abilities can translate into advancement. There's nothing wrong with being loyal to a good manager. But loyalty shouldn't mean putting your career on hold because losing you would make their job harder. You can respect their responsibilities without making their staffing needs your career plan. A great performance review tells you how well you're doing your current job. It doesn't tell you how close you are to getting your next one. Before you spend another year proving your value to someone who already knows it, consider a different question: If your manager left tomorrow, who else would be willing to promote you? If you don't know, that's probably where your attention should go next. Research note Ingrid Haegele, Talent Hoarding in Organizations (open-access working-paper version, July 2025), published in American Economic Review, August 2026. The 49.1% hiring figure is a statistical estimate for applicants induced to apply by manager transfers, not a directly observed success rate. Forwarded this? Get the next issue of Money, Time & Choice delivered to your inbox every other week.
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More money is not the point. More choice is. Money, Time & Choice helps you think through the money, work, and life decisions that can cost you years or six figures—with real numbers, useful research, and clear decision rules.
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