I work for a fortune 500 company ( and 2 others in the past) and will spell out the processes I am familiar with around pay.
If you hire in low and get promoted from within you will still probably never equal a new hire into the position you have been promoted. Most companies have a salary band/range and the will try to hire at about 75 to 80% of the Market rate ( that is usually the top end). For those who are promoted into a role, most companies have maximum percent they will increase a salary by - usually 7%. If your current salary plus the percent increase for promotion is still less than the lowest end of the range, they will usually not put you in the position or will arrange for a market adjustment raise to get you up to a point they can promote you to the next level and your salary will fit into the band. It is very important as annual merit raises occur to understand the market rate of your position and where you fall to understand what are your next steps.
Example: say you make $50,000 per year and the position you want has a salary range of 60,000 to 80,000 per year even with a bump of 7% your new salary would only be 53,500 well below the range. Some companies will just give you the promotion and 7% increase, but if they have to go out to market to hire anyone they know it will be a minimum of $60,000 to get in the door and they may even pay as high as $80,000 for the new hire.
I had an awesome employee and as part of succession planning and talent reviews we knew we wanted him promoted, but we couldn't do the promotion right away. We ended up with a merit increase in June, a market increase in September, Market increase in April, Merit increase in June and promotion in July. It took this long and that many increases to get his salary within a range to promote him. The sad part is new hires could still be hired in at more than he was making. He and I had a long talk and he knew in order to level the playing field that he was going to have to leave to make more money and gain additional skills and knowledge. He received several offers for significantly more money and I couldn't match. Now they have posted his position and you guessed - we are having to look to pay people more than he was making.
I know it isn't fair and smaller companies have some additional leeway than larger companies especially if they don't have to provide salary transparency.
If you want to ask for additional money - see if you can understand your current companies annual increases, market pay, etc. You have people reporting to you now so this should have been covered with you so you know what you will be doing during reviews and merit raise discussions. How do they level the playing field? while you are trying to understand your companies process start creating a job description of your responsibilities/activities ( your value add) then find job postings resembling what you do - see what is the range. Then prepare how you want present your request and support for additional money and go for it. But also know they may not be able or not willing to budge. If you do not receive enough of a raise you need to be prepared and ready for your next steps.
Good luck to you
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