Deciding whether or not to accept a promotion requires weighing the pros and cons.

A GenZ friend was recently agonizing to a handful of us at a party about her great job offer in the company where she has worked for seven years. The offer included a title promotion, raise, cost of living expenses, global travel and high visibility.

What was the problem?

She would have to move almost immediately to New York from Chicago, a city where she enjoyed her personal and professional life with a great apartment, positive workplace culture plus family and friends who live close by.

“Deciding whether or not to accept a promotion requires weighing the pros and cons. #careergrowth #lifeadvice”

Why risk the bliss with an unknown?

A successful woman of color in sales at a global company, she says she was offered the possibility to stay in her current city with a raise, but her manager advised her it was best for her to move to company headquarters; it would be a path to the greatest career growth.

Many advised her to run with the new job and move, some told her to follow her heart and stay.

At any stage in a career, but particularly in the early to mid-career phase, making a key decision like this involves weighing the pros and cons, looking outward to industry patterns, job trends as well as inward to personal growth and life balance.

Getting a promotion now can be a very good move as the economic outlook for 2024 is not as good as it has been. According to The Hill, JP Morgan analysts “predict that job growth is expected to soften in 2024.”

“Getting a #promotion now can be a very good move as the economic outlook for 2024 is not as good as it has been. #careergoals”

The Hill reports, ”The cards are not as stacked in your favor as they were 12 months ago, and wage growth is also slowing, so the springboard from your current role into a better one may not be quite as visible, nor as bouncy.”

And for many GenZers, the risks of a promotion are not worth it.

According to Business Insider, “For many Gen Zers, it can be easy to look at their managers and think, ‘No, thanks.’ Why take on the added stress — even for a somewhat fatter paycheck — if it zaps your work-life balance or career goals? While management isn't for everyone, bosses who do want to promote their younger workers are going to have to do more than put up the money, career experts told Insider. They're going to have to give the support, clarity, and training that many Gen Zers — and members of all generations — crave to feel fulfilled and excited at work.”

Such purported career growth resistance tied to ambition may indeed be a myth. According to the 2023 Women in the Workplace report from McKinsey, in partnership with LeanIn.Org., that surveyed 27,000 employees in 276 organizations, women and particularly WOC want to rise in their organizations.

McKinsey report shows, “The survey debunks four myths about women’s workplace experiences and career advancement. These include women’s career ambitions, the greatest barrier to their ascent to senior leadership, the effect and extent of microaggressions in the workplace, and women’s appetite for flexible work.”

““At every stage of the pipeline, #women are as committed to their #careers and as interested in being promoted as men” —2023 Women in the Workplace report from @McKinsey.”

The survey continues, “At every stage of the pipeline, women are as committed to their careers and as interested in being promoted as men. Nine in ten women under the age of 30 want to be promoted to the next level, and three in four aspire to become senior leaders.”

Younger women may be even more ambitious today, McKinsey reports, “80 percent of women want to be promoted to the next level, compared with 70 percent in 2019. Women of color are even more ambitious than White women: 88 percent want to be promoted to the next level.”

Accepting or rejecting a position is about much more than ambition. It’s a personal choice involving lifestyle, personal goals, purpose and a more holistic life view. This is not a process to rush through on gut instinct or knee-jerk reactions.

“Accepting or rejecting a position is a personal choice involving lifestyle, personal goals, purpose and a holistic life view. #careergoals #leadership”

Ask yourself deep questions. What does it mean to make this move now? Write down your thoughts and responses in a journal, transformation coach Emmy Brunner tells Stylist. “So many of us are so controlled and restrained by the stories we’ve told ourselves that we can’t see or develop our full potential. Fear holds us back and keeps us in a place of limitation. Fear is always about the future, about what could happen…it’s about something that doesn’t exist. Giving yourself permission to release fear invites creative potential and massive opportunity.”

Do what you want, not what others want for you. It may be difficult to steer clear of what close friends and family want. Does this move serve you best? Amy Cohen, a life and career coach, tells Stylist, “Be open to exploring different paths and be willing to adapt your plans as you gather more information and experience. Flexibility and a growth mindset will be valuable assets during this transition.”

“Do what you want, not what others want for you. It may be difficult to steer clear of what close friends and family want. Does this move serve you best? #lifeadvice”

Are the financial rewards fair? Does your new salary offset the costs of trips back home, cost of living or establishing a new home? Ellen Taaffe, a leadership coach, Northwestern University Kellogg School of Management Professor, former Fortune 500 executive, TEDx speaker, and award-winning author of, The Mirrored Door: Break Through the Hidden Barrier that Locks Successful Women in Place, writes in Marie Claire that compensation considerations are key. “Are pay for performance bonuses and equity critical for you or are the number of vacation days top of your list? Your interests will vary depending on if you are planning to get pregnant or if college tuition or retirement planning is front and center. Consider your own life needs, risk appetite and financial package relative to your priorities.”

Is fear a major factor? The thought of moving to a new city without a group of supportive friends and creating new workplace relationships is indeed frightening. Even negotiating a new commute is difficult. Worrying about whether hybrid options are available and if the stress of leaving a known and jumping into the unknown are very real concerns. According to Forbes, “A career change can be a transformative and rewarding journey that allows you to align your work with your passions and aspirations. Still, starting without good planning can be stressful, not only for you but also for your family and others around you. Remember, a well-planned and executed career change can lead to greater fulfillment, professional growth, and long-term success. What is the worst that can happen if you try?”

Is this company or organization stable? Do some industry research not just on the company itself, but on trends in the field. Are there layoffs in the future? Is it primed for growth? If there are rumors of the company getting sold or having new management, the new job may disappear. Ask hard questions of leadership, probe others about chatter of a merger or departure of top leaders. All of these can influence your choice. Forbes reports, “Consider your mindset—are you feeling the typical doldrums of a challenging time in your company? Or are you seeing repeated signs that seed doubt about your future? Take some time to reflect on your own satisfaction, engagement, and return on investment of your time and effort.”

“Is this company or organization stable? Do some industry research not just on the company itself, but on trends in the field. #careeradvice”

Whatever you decide to do now, congratulate yourself on being offered a promotion. Your career is a huge part of your life and sense of purpose and mission. But it is not the only part.

A recent FlexJobs survey found that people change jobs or careers for a number of different reasons. Highest on the list is 50% leave for better remote work options. Almost half, or 48% change jobs for higher pay, and 46% shift for improved work-life balance.

Forty percent believe the new position offers more meaning or fulfillment and 30% report this new position will expand their skill set.

Change can be for the best. A well-considered decision will yield optimal results.

Leadership Takeaway of the Week:

“Consider your own life needs, risk appetite and financial package relative to your priorities.”

Ellen Taaffe, leadership coach, Northwestern University Kellogg School of Management Professor, former Fortune 500 executive, TEDx speaker, and award-winning author.

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About the Author

Michele Weldon is editorial director of Take The Lead, an award-winning author, journalist, emerita faculty in journalism at Northwestern University and a senior leader with The OpEd Project. @micheleweldon www.micheleweldon.com