I have a colleague who is promoted and who is not happy with the company now that he is promoted. Only now is he considering leaving. He has a lot more work to do and is only slightly more paid. I tried to get promoted but failed and now I wonder if it is worth it at all?...
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IMO it depends on why you are looking to be promoted. its a different calculus if it's only for money or because you are looking to further your experience for later in your career or if you have the heart of a teacher or leader and want to guide teams. If it's money you should ask yourself if a promotion that comes with a 10k-20k raise when you make +150k actually moves the needle in your daily life and then compare it to the additional work and responsibility that may be required. If it's JUST money then you would likely be better off stepping into the open market and making more across most compensation elements (salary/bonus/equity).