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Companies want more loyalty than they are willing to give. Keep your eye out for external promotions (changing companies to get the promotion you deserve)
There are always pluses and minuses to staying with a company long term. I've been at Parsons for almost nine years and it has worked well for me so far. I've progressed from Senior SW Engineer to Lead SW Engineer to Program Director to Senior Program Director and am en route to VP (targeted for spring 2024).
But, promotions aren't a linear thing. Each step up comes with more expectations, more responsibilities, more scope, more skills required, and more risk. It's generally not a great idea to compare yourself against other individuals getting promoted just from a seniority standpoint. Look at skills, responsibilities, and actions of each individual.
Don't assume that your work speaks for itself. You have to self advocate. If you can, talk with your manager about your desire for promotion and engage their help in qualifying for it. If your company has clear criteria defined for leveling, look at them and start documenting the things you are doing that align with the level you want to be promoted to. Ask them to assess you for readiness for promotion, and be ready to listen to what they say with an ear for learning.