[ttymck]

Is it possible that, given the information your employer has, they can determine you are worth no more than a 4% raise? While, on the other hand, the prospective new employer does not have the same information (the experience of actually being your employer) and risks a 20% premium? In the end, maybe the market is actually operating efficiently?

[SpicyLemonZest]

In a typical company, raises are budgeted based on a company-wide assessment of how much people "should" get. So even if your manager is sure you're worth 20% more, you simply can't get a 20% raise without some exceptional justification.

[snovv_crash]

How exactly are you measuring impact such that you think you have it characterized with 4% error bars?