Promotions are not worth anything these days, because the power is with the employer and not the employee. Therefore, the employer can deny a promotion and you

Promotions are not worth anything these days, because the power is with the employer and not the employee. Therefore, the employer can deny a promotion and you can't do much due to that. So, it's always better to switch, because if you get multiple offers, you retain the leverage to negotiate between each company and switch.