For a lot of software engineers - especially those of us who are
actually senior engineers, not folks who've been working for 2 years since graduation - I don't think a promotion makes sense, anyway. From here, it's Staff or Principal (or management, which is fine for some folks, and anathema to others), and the raise does not justify the amount of effort the next level would require.
A lot of us are happy where we are, level-wise, and if we do want a significant raise, others have pointed out - we're more likely to get it by interviewing, not by getting promoted.
Now, granted, if you're gung-ho and really want the responsibility and the more interesting work that Staff/Principal will give you, fuckin' go nuts - I'm happy there are ambitious folks out there. I just want to do my job and then go play with my kid.
A lot of us are happy where we are, level-wise, and if we do want a significant raise, others have pointed out - we're more likely to get it by interviewing, not by getting promoted.
Now, granted, if you're gung-ho and really want the responsibility and the more interesting work that Staff/Principal will give you, fuckin' go nuts - I'm happy there are ambitious folks out there. I just want to do my job and then go play with my kid.