Are you a "5-6 years with the company" type of person? Or do you leap as soon as a good opportunity arises?
Stay and wait for that promotion? Or leap and chase that check?
You stay as long as growth is promised, be it raises and advancement inside the company as you gain more experience and skills. Depends on industry as well. If you're in a factory, you really should be trying to improve out of that job, unless you have a house and kids, then ride on paying for that equity to borrow against, if that job seems secure and you have a union that can promise wage increases and fight caps.
You should chase promotions before checks, as you could shop yourself into a deadend, and a lot of shopping makes your resume look fukked up, like you've been fired or easily bored. Believe me on this. I just get bored when I don't feel the company has growth or would try to send me to school for new skills.
It's why it's also important to learn how to invest, as it will help you have a nestegg and learn an important skill while you're grinding at the day job.