Yearly reviews are coming up. How should we handle conversations about salary when we feel we deserve a higher salary and are trying to grow with our company?

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I’d say hope for the best, prepare for the worst. Update your resume and your linkedin, and try to “test the market” by applying to some companies that you can imagine yourself working there. Try to go through the process of interviewing, and (hopefully) get 1-2 offers in your hand. Then you can try to express your thoughts, saying you are still hoping to be in the company and grow together, but you would like to request a raise (of course you have to have justifications prepared before).
By doing this I think you have some advantages:
- you know your price in the market from the offers in your hand
- you have an option if they rejected your request
- if somehow you still stay after they rejected your request, and they treated you differently, you can always apply again to other places in the near future, or hopefully accept one of the offers in your hand if they are still open.

Just my 2 cents

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Part of the issue with asking for a raise in the insurance industry, specifically health insurance. They typically only promote 1 x per year unless there is a specific job posting. Raises are merit based and typically are not more than 4% of your salary. It is hard to make a huge jump in pay without changing positions outside of the company. If you promote it is best not to skip job grades/levels or you could lose money. I have seen things changing in the past couple of years but unfortunately I’ve not seen the type of change that would allow for asking for a significant and meaningful raise without leaving the company. I wish I had a different view but with 20 years in this industry I’ve never seen it happen.

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I'm following for tips as well

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Fully agree with CDT2. I would probably take a more light touch (and less thorough / potentially worse) approach and think about (a) your performance, what will your rating be A-E, (b) what you’re looking for — early retirement or a salary increase which eclipses inflation and a bonus which is a nice holiday and (c) if you don't get what you want, how willing are you to actually move, take that risk and prove yourself again in a new environment? C will help determining A and B.

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Do you have a good relationship with your manager? Will they advocate for you? If not, then my thoughts below may not apply.

Most salary decisions are made at least a month or two (typically more) before that discussion with you ever happens, so be advocating for yourself early on.

And don't be afraid to ask for what you think you deserve, just be ready to defend your rationale with a well thought out argument.

Too many just say "I've had a good year, can I get a raise?"

Bring tangible evidence to the table, quantify the positive impact you've had on the business, and arm your supervisor with the ammunition they need to go to the table for you.

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Counter intuitively, review time is Not when to ask for a raise. Our company has reviews in Jamuary, but the next year's budget process begins in July.

Find out when your manager starts working on their budget and set a reminder in your calendar. That's when you should ask for a raise. Asking for more money at the start of budget planning gives tour manager time to put that raise in their budget and get approvals. Then followup a few months later to set your expectations. Then when you have your review, you'll be all set and able to focus on future career growth.

Waiting for review time to ask for raises is too late because the money is already predecided and there won't be much wiggle room for them to work with. They might say "next year" but people are fallable and the manager might forget you asked if too much time passes, or you may have a new manager next year.

Alternatively if you feel you need to wait for review time to ask for a raise schedule your review as early as possible. The more people who have reviews before you, the more likely that predecided budget bucket will be emptied.

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Following!

Just adding in, any thoughts on typical bonus percentage in more senior EB roles?

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