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Do both in parallel, ask for a raise while also working on your exit strategy. Worst that happens by asking for a raise based on your performance and increased responsibilities is they say no, at which point you'll have your clear answer that it's time to go.
Unfortunately, the economy over the last few years has dictated how much of a raise companies could afford to give employees. I think between 2-3% was average for many businesses. I got a 3% raise last year but then this year I got a huge promotion with much more responsibilities and got 5%. I thought I’d get more but I am happy for the promotion.
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