Desi HR? Took me a while to realize that the desi was shortcut used for designation :-). Typically, outside India, we call ourselves (the folks with the ethnic background of the Indian Subcontinent, including India, Pakistan, Bangladesh, Sri Lanka, etc.J) desi (someone from the desh/country).
The responses here are ranging between two opposites. Thought I would throw in my $0.02 as well.
I worked with a Director of a large company who, in his previous job, was a VP of a relatively smaller (but still a big) company. Keep in mind, a Director reports to a VP (not to be confused with the Director in a company’s Board of Directors). This guy essentially moved to a lower position in his next job than he was in a previous job.
Here is the reasoning. I agree with the view that your job title does not matter nearly as much as your job responsibilities. The responsibilities of this VP in the “smaller” company were the kind of responsibilities carried out by a group Director in the “larger” company. It was not technically a “demotion” for him, but a lateral (and strategic) move with a great potential to quickly grow.
From what you mentioned yourself, you are not getting enough exposure in your current job as you would like. Although you would be (technically) going into a lower position in a larger company, you also mentioned it would be an excellent experience for future growth.
If you accept the promotion and stay in your current job, you would soon be tied to your current job with a little scope to grow or move out to a different company. If your exposure in your current job as a HR manager is so much as that of an HR Executive in a larger company, the question you must ask yourself is, "Do I want to accept the HR Executive position today, learn more and grow into senior position with solid experience in next three years? Or, do I want to start this growing/gaining solid experience three years from now, while I stay in HR Manager Position in the current company for next three years?"
The bottom line is, whatever position you move to next, if you do not have the experience and cannot show the ability to deliver for the next job, you won't get that job. My current job title of HR Manager is not a ticket for my next job title of HR Manager or Sr. HR Manager.
So, if I were you, this is what I would do. I would evaluate myself and see where I am today (from knowledge, exposure, experience point and not strictly from the job title standpoint). I would evaluate my current job and growth prospects (in terms of my growth as a professional, and not necessarily the job title). I would apply the same kind of evaluation to the job offer I have in hand as well. If the job offer I have in hand helps me grow as a professional, I would take it regardless of what the job title says.
Hope this helps.
Regards,
-Som G