How can you weigh the pros and cons of a lateral move vs. a promotion?

I have one word to contribute to this conversation: Range. This all depends on what your career goals are and where you are in relation to those goals but a lateral move might be the next right move to get you the range that most people need (but don't realize until it is too late) as they are moving up in their career. Whichever move you make, think both strategically and opportunistically and do what you think is most likely to get you where you are trying to go career-wise. It's not always a direct path.

Begin by evaluating your short-term and long-term career goals, assessing their compatibility with available opportunities. A lateral shift can expand skills, foster networking, and unveil new interests. Meanwhile, a promotion can deepen expertise, boost credibility, and showcase value. Your preference hinges on these objectives, and a blend of options might be necessary for goal attainment. Prioritize alignment to chart your ideal path forward.

Check in with your sponsors (the people championing your career and putting your name forward). Getting to insight from them on whether a career move makes sense will be invaluable. So much of what we do is done in isolation. When it comes to making a career move, getting feedback from our personal board of advisors is critical.

Both vertical and lateral development are essential for anyone’s career growth, and each person has their own preferred way of doing it. The first step is to understand yourself (as LinkedIn advises). Then you can decide which type of development suits your aspirations best. I think a balanced mix of both would be ideal for your overall learning.

A helpful approach to weighing up a lateral move or a promotion is to think of where you want to be in two moves’ time. If it’s in the same line of work in a bigger role, targeting a promotion as the next move is probably the best option. If it’s a different line of work, then a lateral move is probably the way to go to gain experience developing your career in a different direction.

Assess your present circumstances and your level of contentment. A lateral transition can breathe new life into your career if you're grappling with boredom, stagnation, or a toxic workplace. Conversely, a promotion might be appealing if your current role satisfies you, but you seek greater recognition, responsibility, or stimulation. While both choices offer advantages, also contemplate the trade-offs and potential pitfalls, like the learning curve, competition, and expectations each path carries.

I remember working in R&D and playing with data. This is when I found that I am more inclined towards data science than Research in Oil field. This is when I started for lateral movement. Its all about your affection for what you do. And in this case even a promotion would not have stopped me. Currently I am working as data analyst after switching from R&D and working for approx 6 month in data analysis.

Your decision should align with your specific career goals and the opportunities available to you. Weigh in on the company culture, job satisfaction, compensation, work life balance, long term impact, industry trends and timing are all key factors to consider. Ultimately, the decision between a lateral move and a promotion should be based on your individual circumstances, goals, and personal preferences. It may even be worthwhile to consult with a career advisor or mentor to gain additional insights and perspective on your career path.

Each career path, whether it is lateral or vertical, has its own merits. The key is to know what you want and pursue it. A lateral move can be a good option if your current job does not fully align with your passion and vision. You can evaluate this based on your feelings, achievements, aspirations, etc. If you are unsure about yourself, take some time to discover your strengths and interests. If your current job meets 70-80% of your goals, you should definitely aim for a promotion or an upgrade. Then, a lateral move will suit you best

When you think about your current situation and what’s driving a lateral or vertical move, think about whether this is ‘towards’ or ‘away from’ thinking. Are you trying to move away from a bad boss, long hours or work you don’t enjoy (for example), or are you driven by a desire to move into a position with more responsibility, or a different area of work? This can help you determine what next. Will either the lateral move or promotion get you away from the things you want less of or closer to the the thing you want more of?

Additionally, take into account your employer's standpoint regarding your potential and performance. A lateral shift could demonstrate your adaptability, flexibility, and eagerness to learn, while a promotion might signify recognition for your accomplishments, contributions, and leadership skills. Yet, be mindful of potential drawbacks and challenges, like the availability of positions, your manager's support, and the team's dynamics. Choosing between a lateral move and a promotion requires thoughtful deliberation. By weighing the advantages and disadvantages alongside your career objectives, current circumstances, and your employer's outlook, you can arrive at an informed decision that aligns with your aspirations and objectives.

Whether you opt for a lateral move or promotion, being open in your communication with your employer is essential. Consider a lateral move can demonstrate your flexibility and readiness to take on different challenges. Be prepared to articulate how your move benefits the company. A promotion typically indicates that you have excelled in your current role and are ready for increased responsibilities. It reflects your ability to lead and deliver results in your current domain. Demonstrate how your promotion aligns with the company's growth and leadership needs. Highlight how your increased responsibilities will positively impact the organization.

Employers are the ones who use and assess our performance. So whatever you do, whichever path you choose, your ultimate goal should be to please them and create opportunities for your own growth in both the short and long term. By balancing the pros and cons of your personal objectives, I am confident that you will discover the best way to develop yourself. This will also give you a boost for your career advancement.

Think about non-monetary benefits such as professional development opportunities, training, mentorship, or access to new technologies. These factors can significantly enhance your career growth. And lastly, consider your personal risk tolerance. Some individuals are more risk-averse and may prefer the stability of a promotion, while others thrive on the uncertainty and challenges of a lateral move.

Either type of move can satisfy a career goal, but also take time to consider the ‘life cost’ of this move. Will it mean longer hours or a longer commute and more time away from family? If the role comes with more responsibility or bigger targets, will that mean more stress? Even if it comes with a big pay rise, is that extra money worth what you may be sacrificing to earn it?