Turning down promotion due to salary
Following an upcoming promotion that is set to take place at the beginning of the year—and what I expect will be an underwhelming salary bump—I am considering respectfully declining the promotion.
After testing the market, my current comp is about 40% lower compared to lateral/external opportunities. I can almost anticipate the updated comp is going to be well below what is acceptable.
With that, and to keep my dignity intact of not settling, is it advisable to decline the offer? Is it even possible to do so?