If I have to be completely honest with you, the reason why you are even asking me this is because you are the kind of person who does not like getting out of your comfort zone. This is my personal assumption. One of the major reasons behind this may be that as you have spent a large chunk of your professional life at the same place surrounded by familiar people. Leaving this job would mean that you will have to start the process of learning something new and mixing with unknown people all over again. This may seem like a tedious process but it is for your own personal benefit.
There are many instances wherein employees are underpaid just because they aren’t a special recruitment for the given position and have been promoted gradually over the years. The company will always appreciate you as by giving you your current job position, they are not only saving their money but also a lot of their time and energy. A new recruitment requires a number of interviews and negotiation which not only includes an impressive salary but also perks to lure an efficient candidate. After the recruitment process is done with, the company needs to train the employee from scratch. All this need not be necessary in the case of a loyal employee who has dedicated his time to the company. On gradual promotion, you only need basic guidance. This is why promoting a loyal employee is a win-win situation for the company but the same isn’t the case for the employee himself.
Along with this, the company knows that you won’t go anywhere as you have been with them for such a long time. This is where your loyalty is taken granted for. In your case, your concerns are absolutely justified. If you are putting in so much effort and time for the company’s progress, you must also be rewarded for the same. If you
feel demotivated, it will adversely affect your work productivity. You will once again lose the opportunity to be rewarded because of it. I would suggest you to broach this subject with your manager stating that as you are putting in so much effort for a higher post, you would like to know what the appraisal system is for the same. If your manager says that appreciation is your appraisal, then it’s a reality check that the company doesn’t deserve your efforts and you need to move on to an organization which values you. Whatever your decision is, make sure it is in your favor.