I was promoted in October 2021 and got a 10% increase in my base compensation. My annual performance review is coming up in April and I will probably get a 3%-4% merit increase. Is it reasonable to negotiate a higher increase (10%-15%) given the high inflation and how much the job market changed from October of last year to now?

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I wouldn’t use inflation as your main argument, every employer is hearing that so it doesn’t differentiate you. Prepare tangible reasons for your manager/HR how your bring value to the team and how these reasons justify the raise. Make the reasons quantifiable if possible.

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If you can manage it, absolutely. Inflation is a real concern.

I’d mention interest rates as well as well as record vacancies. Plus even if inflation stabilises it doesn’t mean anything has become cheaper, it’s just stopped rising as fast as it was so your standard of living takes a hit unless your raise is by atleast inflation

I was told by my HR dept that it’s hard to give significant rises off the bat. Was recommended to apply and get accepted for another role with the money I wanted and then they’ll budge if they want to keep you.

It can't hurt to ask. Just don't bank on it. 20-25% in 4 months is a significant bump.

I’m a Underwriter 3 and I know I’m at the lower range in compensation compared to other Underwriter 3.

I think you should wait a couple more months before deciding

OP, not sure where you’re located, what your comp is, or where you’re a Commercial Underwriter, BUT I know I’m underpaid as a Commercial UW so I interviewed at 2 firms. Offers coming in tomorrow or Monday and both will likely be in the 125+signing bonus+year end bonus range (TC of probably 135-140).

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