Hey! I'm in hr and have access to our compensation database. I know what our data says about my role and I'm fairly significantly underpaid. I enjoy where I work but we just have annual reviews and my salary really wasn't right-sized at all. I had had a conversation with management prior to this review to point out the large discrepany, brought in my data points about external roles, and discussed our data. I'm really disappointed. (continued)

From what you're saying, it sounds like your present organization has some experience at dangling a better future in front of people. Companies often get away with that for a time, but eventually people grow weary of it. That seems to be the point you've reached, so it's probably a good time to get serious about finding another job.

I don’t mean to sound harsh, but look for another job. Your employer has made their pay practices pretty clear. You aren’t going to get paid close to market if you stay.

You voiced your opinion and your brought data, they said no. Start looking, if only to see what is really out there. Test your skills against interviews and see if you get job offers. Now you say you like where you are at. If you get one of these offers, bring it to your manager. Ask if they can either match or pay more. But be prepared to leave if they say no.

I sit here every day advocating for our employees to receive significant raises that bring them up to the pay data of their role.
At this point we are consistently hiring at the minimum (or higher) of market data. And my leadership continues to dangle this in front of me 'you are doing so well and our company just can't grow as fast as you want to grow it; this specialty is still in its infancy, and we'll really work hard this year so we can get you a better raise next year'. All I'm hearing is that my company wants me to work extremely hard to build this program and that I need to 'prove my worth' in my role to even be valued at the 10th percentile of market data, when others are being hired onto my team at market rates (starting at 25th percentile).
I'm just mad. This is half vent. Half 'this is truly inequitable practice'. Anybody have any suggestions on things I can do? Guidance? Humbling opinions?

Which survey is it? Some are better than others.

I don't think that you looked at the database and used information from it to try and benefit yourself.

There may not be budget for your team to get the increase that they want to give you and I think in the current climate, you either stick with your job, or apply for a new job and ask for more money than you are on.

Bonus increases do not always come from one budget, it is split across the teams within the business.

You haven't said why you were advised that you could not get a salary increase, so it is not clear what the business justification for not increasing was, so I am guessing.