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Normally, I wouldn’t be satisfied in a job I knew didn’t have growth or raise potential. However, looking at the state of the current job market, I think I would be ecstatic to accept the stability for once.
There are a lot of ways to grow without having a formal promotion.
THIS! This is what I've been preaching to my team and non-HR colleagues within my org who feel frustrated with lack of opportunity for "growth" - they actually mean lack of opportunity for a formal promotion. Still a valid frustration, but growth and promotion aren't synonymous and growth doesn't have to be upward, it can be outward... developing new skills, taking on new responsibilities, challenging old ways of thinking, gaining exposure to new projects/functions/duties - these things may not be a new title and big pay raise, but they very well could leave to one (either at your current org or the next one if your value isn't seen long-term where you are).
If I didn’t have growth then I would look for something else. Especially if your responsibility set is growing without the pay to back it. The company can tell you there is security all they want but they are also going to tell you that no matter what just so they keep you.
If they don’t see the value in you(unless they really can’t do raises, but I would expect that to be company wide), another company will. But it’s also a hard job market.
My husband was just laid off and it was super unexpected. So I'm sticking with the stability. Until he gets a job, I'm going to play it as safe as possible and that's just something that happens in economies like this. If things were better, I would definitely take a risk, though.
I would stick with the stability of having an income given the current state of the job market.
Unfortunately, there is no such thing as job security. If you stay it’s putting your professional growth in thier hands. I learned many years ago that my professional growth it’s not in a mangers hands but mine and once I understood that I flourished. This actually did happen to me once and I left, best decision I ever made. So, I would say it depends on my career goals. If they have good benefits, good professional development and I liked the culture, I would stay. If it no longer aligns with my needs or expectations I would start looking and leave.