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In my experience, you have to leave the company for a 20%+ increase. There’s no amount of market data or negotiation tactics that will get you there.
External hires on average cost more than 18% more than internal. To this point, if you can’t beat em, join em.
And re: your employer, I believe the old saying goes, “when someone shows you who they are the first time, believe them.”
I would save face, see what else you can scrape from them, and start putting other irons in the fire…
Congratulations on the approval of your promotion, first of all! It is a huge accomplishment to even be acknowledged in the work place these days! We thank God! Secondly, I would request a meeting with your line manager and HR to present your achievements vs your KPIs over the past 3 years. Demonstrate where performed above expectations and present your plan for business growth in the coming year. Based on inflation and the standard salary rate for your current position, submit your proposal for your salary increase and request a reconsideration. Remain logical and factual, remove any emotions. Godspeed!
In my opinion if it’s taken years to get the promotion and then it’s just that 5 percent, you need to be looking outwards. That 5 percent doesn’t even cover any of the inflation that your salary has lost in the past couple years. Unfortunately companies will fight to the death to prolong promotions and then give the smallest raiders to internal employees. You could see a 20 percent or even higher raiser at a different company and I would suggest going after that.
Assuming you work for a holding co agency. While you can try to push for more internally or a one-time bonus, I am sorry to say that it's unlikely you will get it, and if you get do, it will take substantial time. This is shortsighted as they're likely hiring new people for more $$$. You can ask for more pto but will you take it and is that enough?
If the pay (and recognition) is that important, you may have to leave....
Generally, promotions are between 10%-15%. However, this isn’t a hard and fast rule as they take into consideration peer equity, your position in band, and financial health of business. Without knowing your individual circumstances, it’s hard to comment, but if money is important to you it maybe a case that you have to look elsewhere. I wouldn’t rely on a counter offer either.
The average raise on an internal promotion is 8%. So while that might be a little low. It’s not that off the mark.