I have been at my current organisation for a year and i just received a good performance rating and a raise. I have been doing pretty well overall. However, over the last two months i have felt that this role doesn't fulfill my intellectual needs and I am not challenged enough. I would like to widen the tech stack that I work on and have more flexibility in impacting the product (it's a big tech company and has a lot of hierarchy). To continue to be good at my work, I need to spend a good amount of time (~50% of the time) doing non-challenging/repeated/admin work. I have started taking courses and my attention has derailed from office work quite a bit.
I realise that if i want to get promoted here, I need to continue to do what I did to get the good rating and do it even better perhaps. But at the same time, I yearn to work on a broader tech stack and take on more challenging work which may or may not come my way at my present org. The reasons to not switch would be : it's just been a year here, I have vested RSUs (spread out over 4 years) and a promotion would be good for my career (and good for my self confidence), also the work life balance is decent. But I have the urge to switch my attention to side projects and eventually to a role and company where I'm challenged more and hopefully make a lot more impact (startups).
Do you have any advice for me?
In general, the best time to look for a job is when you have a job. The question for you is, how much time/effort would it take for you to get a job you really care about?
I'd recommend trying to get a few interviews so you get more data on the 2nd question, and then you can evaluate if you can bridge the gap without too much pain.
A few other factors to consider:
Rahul gave a good breakdown of the "Leave" path. Here are my thoughts on the "Stay" path, which has a higher premium given the bad market (you are also already at a very good company):