But does this actually mean faster promotion cycles?

I worked for Accenture for a bit and decided to quit when they would use technicalities to deny promotions. As a matter of fact, I was denied promotions for three cycles because I joined 2-3 weeks too late. Basically, because I joined the firm 2-3 weeks after the big yearly review, I wasn't eligible for any promotion for two years whereas if I had been given a start date a month earlier I would have been eligible after a year.

I left and more than doubled my salary, work on newer technologies, largely in charge of my own schedule, can work anywhere in the world, and received promotions faster.