Finance

What to Think About When Considering a Promotion

Seeking promotion at work can be a double-edged sword—one that can result in more income but also more responsibility and stress. While moving up at the company can seem like the goal from day one, making sure the time is right and the new role makes sense for your career plans can be critically important. Consider these tips before you try to make the big move at work:

Your career plans 

Moving up in the company can seem like a tempting possibility, and if you like your job and it fits in with your career plans, then it might be the right move. However, a linear move-up might not always be a step in the right direction. Staying too long at a company or in a profession that you don’t love can negatively affect your career advancement; moving up too far at that kind of work can take you farther away from the career opportunities you really want. Before you take the next step, check in with yourself and make sure you are seeking a promotion to a role that is actually attractive to you—and will let you thrive instead of making you feel stuck in place. 

Whether you’re ready for new challenges 

Seeking a promotion can be a signal to your employer that your current role at work isn’t satisfying anymore, and that you are ready for more challenges in the company. Before considering the promotion, take stock of whether you are happy in your current position, or whether some of your potentials may be going unfilled. Staying too long in a role without feeling challenged can stagnate your career growth, but taking on new challenges before you have the proper skills can hamper your growth, too. 

The state of the business

Knowing when to seek a promotion is an important factor. Is there an open position? Are there specific times of the year when the company gives out promotions and raises? Asking or applying at the right time can be key.

In addition to your own career plans, you may want to consider the company overall. If business is good, your odds of successfully landing a promotion may be higher, but if the company has been struggling lately, cutting back on staff or having other budgetary issues, you may think about waiting to seek the promotion or looking elsewhere. 

Weigh your work-life balance 

Before asking for or accepting a promotion at work, make sure to think about what the new role will mean for your work-life balance. The new role may come with increased perks and benefits—for example, in addition to the usual benefits like health insurance, dental coverage, and life insurance, it may come with a potential bonus or an expense account. But it can also come with more stress, time demands, and responsibilities, which can take time and energy away from enjoying your personal life. 

Consider your new team

You may also want to consider whom you will be working within the new position. Different levels of companies attract different types of employees, so make sure you will be comfortable working among the new cohort of colleagues. You might be able to talk to the team and get a sense of how they communicate and work together before accepting a role. 

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