Promotion readiness varies quite a bit between companies, but I think there are some common themes that most agree on:
- Performing at the next level. If you're meeting expecations for your role at your current level, the chances are you'd be underacheiving at the level above. That's why most organizations would like to see sustained performance at the level above where you are now. In cases where the diffferences between levels are clearly spelled out, this would mean you can take a look at the criteria where you fall short and work on those areas. For companies that don't have a well defined ladder, you should look to your peers and management across the company to see how others at levels you wish to reach differ from you. Are they working on more complex problems? Communicating more effectively? Working across a broader intersection of the company / industry?
- Delivered impact. As well as showing you are already working at the next level, you need to prove that you havea strong track record of delivering results. "Results" will look different for every PM so have some early conversations with your manager about what is expected from you to show impact. For long running projects, be prepared to talk about how you've made progress through concrete milestones.
- Scope. With every promotion, there is an expecation that you can handle a larger scope. This won't always mean taking on more projects. For example, the difficulty of projects could change as you progress. I've seen promotion cases not make it because despite a strong track record and solid results, employees could have been taking on bigger challenges to help the company towards their objectives. This is another super important topic to discuss with your manager ahead of time.
- Business justification. Something a lot of individuals don't think about is whether the company/division even has a need for someone performing at a level beyond what they are performing at. As mentioned above, with a level increase comes the need for expanded scope. If the company doesn't have more to offer employees, you end up with overleveled employees which can lead to unhappiness.