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Mentoring/Coaching - Advice on Managing Employee Aspirations

Hi,

What happens when an employee is promised a promotion and then told that it is "not happening" now?

Here are a couple of employees in the company who were promised a promotion by the manager a year ago. Now told by the manager that due to non availability of a role in the next level, the promotion needs to be on hold. The employees are demotivated and unclear on their career paths from now on.