Hello PFC!

I work in marketing and I started with my company in early 2021. I got hired as an assistant manager before being promoted recently to marketing manager.

With this promotion came an increase in responsibility. I went from managing ~6 clients to around 11, including much more high-maintenance and higher-paying clients.

When I was told of this promotion during my annual review meeting, I was offered a 5% pay increase.

I understand that I'm new to this kind of position and I have to "prove" I can handle it, but a 5% increase after a year WITH a promotion, when inflation is 7.7%, seems quite low, no?

A quick search for similar jobs has the salary around 20% higher than what I'm currently being paid.

Should I ask for that type of increase? Is it too soon?