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Chief
The absolute best way is to start applying at other companies.
100%, being in the same boat at another financial institution, I am being paid significantly under market (avg 118 to 130) . I have gone the exact same scenario and finally decided the only way to achieve equitable pay for my experience, education and certs is to look for other employment as much as I like where I work. Not the best economy to have to do this but life is a risk and might as well get as much reward as long as you can, living in fear is not living
I agree with VP1 unfortunately, the only way you get leverage is by showing up with another offer. Otherwise they have no reason to change anything
Chief
Unless you absolutely love your job or there are extenuating circumstances you should leave, do you really want to have a tough conversation every time it comes to raises?
😔
Honestly, get another offer. That's the quickest and most effective way to bring your salary up to or at least close to where it should be. That said, it sounds like your current employer is blatantly and purposely undervaluing you. I'd probably do more than just shop for other offers. I'd take one and get the heck out of their. But that's just me.
When your self-employed you simply tell your client that you have to raise your prices. When they say they cannot afford you anymore then you kindly part ways and work towards your next client that will appreciate and afford your talents.
Same thing needs to be said for the employee. If my employee asks for a raise and I don't give them one, then there is something wrong. I will either give them a raise or give them feedback on what needs to happen for them to get a raise or I will help them find another job that fits their needs (aka let them go with help).
I always pay my workers more than the industry standard because my people kick ass and make me money. If my employee is hapy then my work place is happy and making money.
Unless you are an actual 'banker' or trader, or top 'tech' or a senior manager, IB's and firms of that ilk will give minimal raises, promote based on whether you are friends of friends, and will try to overwork you as much as they can. If you are young enough, update your resume and LI profile, check with friends, find a better job. If you're 50 and older and not in one of the top positions, be very careful because many firms won't hire you, and your own firm may dump you, especially if you look disloyal.
How about getting a promotion? This would be faster than asking for a raise. If you can compile all your performance reviews and achievements, that would be great. Or start applying somewhere else if promotion is not an option.
Unfortunately employers who give promotions instead of COLA increases/raises expect the same bionic efforts as regards doing multiple jobs simultaneously without additional compensation no matter the role.