There are a lot of articles online about why switching jobs every 2-3 years results in net higher earnings than staying in the same job for 5+ years. STRONGLY recommend looking into this topic more. Total game changer.
I was lucky enough to be able to work with a career coach who was able to show me how to navigate this properly, which I strongly recommend for anyone in your situation. It does require an investment, but I've found it's well worth the money.
If that isn't an option for your situation right now, there are free resources online that can help as well. A lot of career coaches produce free content on LI, blogs, podcasts, etc, that can be really helpful, but you do have to look for it.
At the end of the day, it's totally reasonable to approach them to discuss your compensation and negotiate for a fair market value raise. However, this has to be done tactfully after you've done research on what you should be making AND after you've had a chance to research/practice how to have these conversations.
A friend of mine went into a conversation about compensation recently without doing this kind of prep, and was immediately gaslighted and steamrolled by her supervisor. She ultimately got a small "bonus" after a follow-up conversation. Of course, that "bonus" in no way made up for the fair market salary increase she deserves, and her confidence was hit really hard by that experience.
The downside is that, if after doing all of that, you aren't able to get the raise you deserve, you have to be prepared to either 1) be ok with getting less than you deserve (and trust me, they don't care nearly as much about "loyalty" as we'd like to think), or 2) start working on your exit strategy. It's a tough decision, but with guidance and encouragement, it's very possible, even in today's job market.
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