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Always communicate your value. I would find information about your market value so you can say, "hey, what I bring to the table is above what the market is paying for this position, and it would be fair to be compensated accordingly." If you bring up what others negotiated or were given, that could come across as petty.
Try not to make it about cost of living, make it about your contributions—if you were told they’re too broke to pay more last year, take note of instances where you’ve gone above and beyond. You can breezily mention that you were loyal to the company through their hard time and worked through not receiving a COL raise last year when the company “couldn’t scrape enough together”, they should appreciate that you did that and show it, with money haha. Shoot the moon with your compensation number, think of what you want and then ask for at least 50% more than the number you hope to get, because they will likely talk you down anyway.
Good luck 🍀 also if they keep low balling you, maybe start to search for new jobs, if you can do it while on the clock, even better—these companies need to stop getting away with underpaying people.
Here’s a crazy idea. What if you say, that you’re happy at your current role and just take a salary bump. More $ less responsibility?
or
Ask now, what’s the salary increase with the increase of the responsibility?