I am in a critical niche position at a medium sized (~300 person) company and I am not respected and grossly underpaid. My daily operations are required in order for the company to function and there is not even one other person at the company who could even begin to do what I have been doing for the past few years. There were other members of my team but they all left because of the lack of respect and we have been unable to hire new members because so few people know the required technologies and skills. This leaves me doing the work of 4 people.
It would be possible to hire a consultant to take over my position, but they are billable at 4 times my salary and not likely to have the skills and experience I have acquired.
While I do enjoy certain aspects of the company, the poor pay and lack of respect within the organisation make it difficult to stay. However, my leaving would leave the company in a very difficult position and I would rather try to solve the problem.
So my question is: should I tell my company I will require a position boost for respect and enormous salary boost or I will be leaving? If so, how should I approach the conversation?