I am a C# developer, I consider myself to be on the higher end of mid-level, but my salary is very low for this, I'd estimate it's about on par with a decently paid entry level position. However, My boss is going to recommend me for a promotion to team lead. I have a great relationship with him and our higher-ups fully recognize the value of our product and what it could become. I know internally I have added a lot of value to the team, and I am sure my boss feels the same way, so I am not worried about getting this promotion. My concern now is making sure my compensation is based on median salary for a team lead, rather than viewed as an increase on what I am currently compensated
My issue is that the median salary for a team lead is very nearly 6-figures in my area and would mean a ~60% salary increase. Additionally, I found several median salaries for my current position and taking the median of them results in roughly a 30% salary increase. These are significant increases but I suppose that would not be unprecedented, even for me specifically, as when I was initially offered this position full-time I was able to negotiate $20k more than my initial offer, which was a 50% increase
Now back to my question(s), what should I do to give myself the best chance of negotiating a significant salary increase? I have a few parts to my question; Should I talk to my boss and give him my expectation for compensation of this position, or wait until I am given an offer and counter? Should I set my final compensation initially, or offer a smaller increase and an aggressive raise strategy so that I could meet the median in 3 years? My promotion will likely not be finalized until a good amount of time after our annual reviews, should I try to negotiate my current salary be matched to the median so I am getting paid better until my promotion is complete?
Thanks for any advice