Annual review time: You are a department manager supervising 10 people. You've done such a good job that the board gives you a choice of a 5% raise or a VP job title. Everything else remains the same. Which do you choose?
Shoes are expensive. I'll take the cash!
Give me the cash. I can't feed my family with a title of VP.
Title. It will mean more money down the line and the ability for greater advancement should you decide to leave the company.
I'd rather have the cash. If there's no raise for the title, that just means there's more work expected for nothing in return.