So provide training and mentoring.
We have normalised in our industry that the only way to progress is to job-hop, and it's actually to the detriment of both engineers who have to jump through the ridiculous hoops of interviewing these days, and companies who lose their valuable assets every day.
I share that this is a bad state but I think this situation is an exception. Almost all the engineering managers I know got promoted into management in a company where they held an IC position before. (Almost) nobody hires engineering managers without management experience.
Typical path I see is IC at company A, team lead at company B, manager at company C. Some people do this in entire path in less than 5 years.
Managers have to learn how to be a manager. Believing anyone can do it ab initio devalues the role.