How to handle a Denied Raise connected to Promotion

I am a junior software developer, who, according to their manager, has been operating at mid-level for the past year.

As such, I just asked for a title correction and a 10k base salary increase. This would have brought me closer to market rates (I'd still be slightly under paid).

I have been granted the title correction, a 5k increase in the bonus (half perfomance based, half company based, since they "appreciate my work"), and a 0% base salary increase (since "I got a 5% raise last year already"). Note that my this is also what my teammate with similar experience got, without even asking.

This makes my compensation definitely below market. Unfortunately there's not many other similar positions in my area, so, quitting is not the easiest option. As such, I don't have much leverage now.

That being said I don't quite know how to navigate this. I know that salary raises of this entity are more often associated with promotions. So, a "dry promotion" means that it's unlikely that I get what I am asking for next year.

Should I just accept, ask next year and maybe try to find another job? Or is there anything I can do to obtain something more now?

For instance, is asking for a retroactive title correction (one year in the past) a good idea?

Should I just accept, ask next year and maybe try to find another job?

Yes.

• You should accept, since there aren't many other similar positions in your area and quitting isn't the easiest option.

• You should ask again next year, since they might eventually say "yes". As long as you don't ask so often as to become a pest, it doesn't hurt to ask.

• You should try to find another job because it's always a good idea to be networking and looking for work.

Also, don't worry about titles. When you apply to your next job, if you can make the case that you can do senior-level work, good companies won't care about your current title.