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I was in the same boat, but decided to jump, bonus be damned. If you’re really 40-60% underpaid, no amount of COL adjustment and bonus is going to get you there. Starting at a new place sooner, with a higher salary, will mean you can start working towards next years bonus sooner too.
I would honestly jump for 40% in a heartbeat unless a BIG promo is on the horizon.
Was underpaid about 50%, jumped for a 70% raise. Yeah absolutely wanted to shift the work I was doing, I was getting pushed around doing too much busywork, poor people management and comp had already driven away my best colleagues. So, a lot of reasons, but comp was still a big driver.