I personally don't really bother. If I'm getting paid way below market rate, I look for another job - there's just no point staying at a company that doesn't na

I personally don't really bother. If I'm getting paid way below market rate, I look for another job - there's just no point staying at a company that doesn't naturally try to share their wealth with you. When market rate is far below present value, I freelance. I've had only a few pay raises within 10 years, most of which were offered only when I quit. Usually you don't even need a competing offer, it's fine if you're quitting to freelance.