You don’t get promoted. Even if you do, it takes longer than you would have changed for uplevel jobs. Even if they are fast, you don’t get meaningful pay increase. Even if the increases are meaningful, they are late and deferred. When you can hop, don’t count on promotion.
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For junior/mid/senior it absolutely makes sense to hop around. The reason for this is because when you get promoted, you start at bottom of new band. However when you interview as an external candidate you are offered middle/top of band.
When you get into a new company you can still work hard and aim for promo. However it makes sense financially to hop after 2-3 years.
Also non tech is more about proving what you’ve done and promos help tell that story. it seems like modern tech interviews are more about “what are your skills” rather than “what have you actually delivered”. At staff/principal level the focus becomes more “what have you done” again