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This is pretty common in industry and is the trap where you see people in the same role for 10 plus years. It’s important to recognize and accept when your personal development is outpacing your current role and is basically a bottleneck on your progressing as fast as you can.
Your leadership is being honest with you. Right now there are enough people at the next level to where there isn’t enough work to give you to do to even begin to demonstrate that you’re ready to be promoted. Your options are to either stay and hope something opens soon understanding that your choosing your comfort with your current company over maximizing career growth. Or the other option is find a new job that is a step up that will come in an increase in salary.
I would second this. Has been very true in my experience as well
Ask your managers to provide feedback on things you can do to improve, demonstrate leadership, etc. to create your own path to promotion. Find ways to add value (i.e. find ways to do things cheaper, better, faster) and share them with your manager to show are thinking about the big picture in terms of the company. Actively look for new opportunities to take the next step at other companies as well. I worked in banking for about 10 years. People often left to obtain higher salaries, manager positions and came back in 1 to 3 years to better roles than what they sought out the first time around.
Coach
During my last one-on-one with my boss, she said she’s seen me improve on everything she gave feedback on. She mentioned I don’t have anything else to work on right now and that she never has to worry about me. But honestly, it doesn’t feel like it matters, because I haven’t seen that reflected in my pay.
Getting a new job is the only way I’ve ever been given a noticeable pay increase or what could be considered a promotion. The one time I was put in for a promotion, it was suspended due to an “indefinite hiring and promotion freeze”
I would take on whatever you can. You never know when it may make a difference. In my first sales position, the company had extremely high turnover for office staff. When I began, there were no staff- should have been the first red flag! The owner was horrible but she paid well and I loved the job. I excelled at it. The three years that I tolerated it, I took on billing, managerial duties like payroll and scheduling, I trained all new sales people (4 over the 3 years I was there. All of this while giving her 30% growth for an entire year. She never valued me but working hard and taking more on is what I do. Even when I wanted to do nothing for her. When I was recruited by her biggest competitor and directly discussed what I needed to leave, they could see the value in me and even though it was quite a bit more than they typically give, I got the job.
The “take on whatever you can” advice is a recipe for burnout. I actually lean away from that and keep a shield up. I tried taking on anything and everything in the past and it was fueled by one-upping my colleague and I eventually resigned for a higher paying job. He later got promoted to manager so I’m glad I got out. That company had no concern when I was missing work due to migraines and coping with postpartum depression.
Now I don’t take on extra if I can get away with it. If I find there’s something that needs to be fixed I take a stab at it but often pass it off to the senior technical writer. It’s not my job to make projects and determine my workload, she’s senior over me so she gets the stress of project managing - that’s not in my job description or pay grade! I’m protecting my mental health by not taking on too much stress. My company doesn’t promote often and I’m not eager to move up but I am looking elsewhere because I’m sensing layoffs in the next couple months.