This is excellent advice. Twice, I have taken promotions without pay or change in title with promises of raises in the”near future.” I took these ‘promotions’ to make the managers happy because I was fresh out of college, wanted to build a nice résumé and show that I can stay with a company long term. In each example, I was laid off within 3 months of the ‘promotion.’ It turns out that a company that offers promotions without raises is probably having cash flow issues. After these lay offs, both companies were sold. I know that a lot of millennials get the bad wrap of not staying loyal to their employers. I tried very hard and they both threw me out when they were struggling. In today’s culture, you have to protect yourself (and stay away from the retail industry). :)