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25 years of experience. I have only had a double-digit percentage increase in pay when changing employers and each of those roles I was severly underpaid. Promotions over the last 15 years have garnered 7-9% increases and my average pay increase year-to-year is ~4%. I keep track of all my pay changes and I make 5.4x more than I did on Day 1 of my career. If you are severly underpaid, find new employment.
Unfortunately, the best way to increase your compensation is to change organizations.
I agree with this however I’m also weighing other values my org provides me. I’m pretty happy just very under compensated compared to the market rate.
No, 16% is a promotion not a raise. Normally annual increase is around 2-4%. If you did something significant last year, you may get a little more.