Does anyone have experience getting a substantial pay increase to make up for years of promotions without commensurate increases in compensation?
I have been working for the past six years at the same company. We were hit VERY hard by the dot.com bust, 9/11, and a general downturn in our industry. As a result, while I was promoted quickly (downsizing breeds opportunity), my supervisor was quite stingy with pay increases. As a result, I'm below the first quartile average pay for my industry, and I even have a direct report who earns MORE than I do!
I now have a new supervisor, who is sympathetic to my situation, but she's been (so far) unable to give me a raise sufficient to bring me even close to industry standards for my position -- although she was generous at my last review, within her abilities.
I have no doubt that if I keep doing a good job, in 3-4 years of raises like I received at my last review, I'd be up to industry norms (or close to it), but in the meantime, I can't help but think that there are greener jobs elsewhere. I really like the company I work for, and I'm excited about some of the opportunities available to me, but the low pay is becoming a real hardship (especially as I regularly get pressure from my wife to go to a different job that pays appropriately).
What would be a politic way to work toward a bigger paycheck quickly? Or am I just stuck and need to decide whether local opportunities are worth the lost earnings for the next few years?