When you're offered a promotion, the first step you take should be to measure it against where you want to go in your career in the future. Of course, compensation is crucial, but the new job duties you're being offered matter, too.
"Ideally, a person receiving a promotion can articulate their long-term career goals, and thus can view the promotion, and its attached gifts, in light of their goals," explains Carlota Zimmerman, a career coach based in New York City. It's likely that your promotion will provide you with more money, a higher title, or other possible benefits, but more isn't always more if the position doesn't line up with your career interests.
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"It's a natural instinct for humans, when presented with gifts, to want to snatch them," says Zimmerman. It's flattering to be offered something new. "But this is actually a time when you should step back and be reflective. Consider, for example, the people at the top of your industry you admire: What career choices did they make? There is something to be said for, after a time, moving to a new company, and meeting new people, weathering new opportunities, mastering new crises, and gaining new skills."
Before you even think about the money, consider whether you really want to stay at the same company surrounded by the same people, or if you'd prefer to branch out, try something new, and develop fresh competencies elsewhere.