It can be worst, much worst. I worked in a consultant company as the classic all-in-one IT and only staff, personally i did a superb job, managing over 50 station (and doing other works) plus 4 server (1 linux and 3 windows) all by myself and without much problem.
But one day, they decided to, not only to give me more work, but also giving me a new boss :-/. Even worst, days later, they gave me a new business card saying "Assistant Junior.." the same day i quit the job.
Sounds ominously like what my boss did to me.
Boss: We now have the position to promote you. That, of course, will mean additional duties. Oh, and by the way, since the funding isn't available to staff those positions yet, you will have to continue in your present position for a little while longer. But don't worry, the promotion will be back dated.
2 years later:
Boss: I know, it's so frustrating. But my hands are tied. We just changed CEO's and have to resubmit all our staffing plans. But don't worry...