This seems like a reasonable strategy worth if you plan to exit in the next 3 years. It is simple to manage, is designed to be competitive for a point in time, and focuses on performance for growth (up or out).
I think simple to manage and “people who don’t like it won’t bother us about promotions” is high here. Whether that makes it worth losing out on corner cases where you’d benefit from a more individualized approach isn’t as clear to me, but there’s a lot of benefit from elimination of all promotion discussions, referring all of those to “check the calendar; if we haven’t fired you by X, you’ll be level Y on that day.”
