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It sounds to me like it might be time to look for something else. When companies are not giving you more than 2–3% a year, you usually have to look for an outside offer. I've gotten raises higher than that before, but they are hard to get, and you really have to fight for them.
Rising Star
I would try to look elsewhere. It looks like they aren’t prioritizing you based on how they pay you versus new hires
I’ve never had a market adjustment raise. I have received a raise when I asked for one because I was doing the work of two people (they didn’t backfill the other role). Unless I had a very strong reason for the raise, I’ve not been successful with asking for a market adjustment raise