Having trouble trying to set a predefined field value inside a new global action.

I created a new pick list field on the Contact object and named it 'Stage.'

Then I created a new global action called "New Prospect" and targeted the Contact object.

Then I selected my new global action in order to set a predefined value for my new pick list field named, 'Stage.'

When I click 'New' in the Predefined Field Values section and open the 'Field Name' pick list, my field named 'Stage' does not show up here for me to select.

Any thoughts or ideas on what I may be doing wrong?

Thank you in advance!