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To have a better chance, put it into terms of ROI. The impact the employee is making and compared with the cost of turnover should help put it into something they understand.
Something too many companies do not seem to be taking into account. It’s more money they are losing!
Show them job postings for similar roles, ideally ones that include a salary range. Make it clear to them that by not paying up, they're risking that employee moving to greener pastures. To really make it land, spell out in real dollars the impact that will have on performance.