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.