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Great advice here from everyone. I'll just add a few bulleted points.
-Procure your current Job description.
-Develop your list of accomplishments since you started, especially outside of your defined role.
-Create hybridized job description of the two aforementioned items with an analysis of how it would increase current efficiencies and the potential impact across the organization.
-Research similar roles and compensation.
-Create a PLAN to increase your compensation over a period of say, 2-3 years to your target level. It shows your commitment to the company as well as the fact that you aren't thinking about your paycheck, alone.
-Have a fallback position.
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Sir 7ewis, 7X FIA Formula One World Championship, World Driving Champion. 100 Wins. 101 Pole Positions. 54 Fastest Laps. Actual Rain Master. Leave me to it, Bono. One Race Win in each of his 15 years in F1. Most Laps Led in Formula One. The Centurion.
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