Great teams and work but lacking high level leadership - Software Engineer Paylocity Employee Review

It was recently brought up in a Tech Town Hall, that engineers are (paraphrasing here) "going to be rated on lines of code" and that "github activity is being monitored". I've yet to see an actual policy around this, but it raised red flags for many engineers. The promotion process is a ball of red tape. 70% of the process is forced on the employee to bring evidence and reasons on why they should be promoted. Managers should have the leverage and be enabled to promote their team members or at a minimum relay to directors why one should be promoted. Instead, employees have to scrape, fight, and beg for promotion. Good luck understanding the business jargon and buzzwords on the Excel sheet for promotion requirements. High level managers and directors have been leaving the company this year, stock prices are dropping, compensation is lacking in this year's review process. I'm unsure if it's the US/Global economy or just PCTY's direction.