Fair ways to promote based on skills and competency

Good Afternoon

I work for a large global company that has competency frameworks in place which give indication of what good at certain levels could look like.

We recently moved from a presentation based promotion board to a portfolio assessment e.g. evidence provided for core competencies and evidence people are working towards fully meeting other competencies. Evidence being letters, presentations, other daily used items in the work place that show to assessors that associate does something to the level defined in the competency framework.

Competency based promotion is showing as possibly a more and more old fashioned view as roles and environment changes. How do other organisations assess for promotion that dont have ridged competency frameworks or do and have massive changing environments.