If you'd like some unsolicited advice - the job hunt is tricky, because you should be optimizing for the best outcome for yourself. However, if you think of it

If you'd like some unsolicited advice - the job hunt is tricky, because you should be optimizing for the best outcome for yourself. However, if you think of it as materializing your leverage -- just go out and get an offer that is better than what you have. Use that to approach your boss, it won't be a confrontation if you approach it with "I like it here, but it's clear that I'm underpaid. Can you help me find a way where it makes sense for me to stay?"