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My second yearly review is coming up. I have had no raises to my salary. I've been at the company for two years. First 6 months were training basically getting up to 100% efficiency. I have received small yearly bonuses (1.5% after tax).

I have gone above and beyond and contributed a lot to my team and company - my boss and his boss know this, but raises and budget rests on the VP. Last year they needed to hire someone new to the small team and who a level above me (Started as a specialist due to more experience), even though we do the same exact work (and I trained him). Two of my team members are currently on medical leave for the rest of the year, effectively cutting the team in half and doubling my (and his) work. He has also showed his extreme frustration with the work load as well - overall morale is low right now.

They cannot afford for me or my colleague to leave, because the department would lose tens of thousands if not 100k+ in lost work, having to rehire and retrain, not to mention hundreds of thousands in revenue as they bill four times more than I'm paid.

I believe my work is deserving of 10% yearly raises, but at this point, asking for 20% retroactively may be too much.

To make matters more interesting, another company is considering me for a similar position and is 50% more than I make now. Still in the interviewing stage but if I get a signed offer letter, do I mention this during the review or wait to see the first raise offer?

I want what is fair and I don't want to burn bridges at the same time or leave a bad taste in their mouth.

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Don't worry about offending your old company. If they think they can keep someone without giving them raises, that's on them.

Don't tell your current job about your new offer. Why would you do that? To get a counter offer a place that won't even keep your salary current with inflation? Why do you want to keep working there?

Your job is about to lose a valuable employee and be in a tight spot because they're trying to nickle and dime you. That's not your problem.

Just hold onto your current job, don't tell them anything, and take a job making far more.

Repeat after me: you owe them nothing. You owe them nothing.

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    I would only add, keep a copy of the review document so they can't try to use a bad reference as leverage. – Phil H May 1 '18 at 1:46

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