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Sounds like they don't appreciate you. A formal degree shouldn't matter in your case and sounds like an excuse to hold you down. Find somewhere else it. sounds like you have the skills and it doesn't hurt to see what other companies will be willing to offer. That puts the bargaining chip in your hands.
Start looking. Then tell then you have found. Wait for a counter offer or leave.
If they are not willing to give you a countrr offer， the likeness of them giving you a raise is probably equal， meaning close to 0.
Just be sure you have interesting offers first but i think you should look for a new job just to have plan b in case your happiness goes downwards (its harder to look and find a job when you are not motivated).
I felt like this 2 years ago and did end up looking for a new job. Got offered one and ultimately, was convinced to stick around. It was a mistake. I should have left.
The problem doesn't go away, you just get paid a little more to put up with it. But as the compnay grows, you deal with more and more. Ultimately, what part of your job do you want to be doing and do you want to keep doing 2 jobs with the companies growth over the next 3-5 years?
I decided it wasn't right and am leaving at the end of this year because 2 years after I first tried to leave, not a single thing has changed.
@HighTurtleDev that's another thing, I've been here for 4 years and I've seen a ton of growth in the company. Not just making more money and expanding, but they are also making better long term decisions and planning better. I don't want to say that things haven't changed because a lot has gotten better than where we were 4 years ago.
Another smaller issue is that each new member of our time is hired "to help with maintenance" but so far we've hired 4 people, 2 quit, one does all the building and never touches them again, and another transferred to the special projects team (working on internal software).
I appreciate everyone's input so far and I think deep down I know they will continue the abuse as long as I put up with it. I need to start applying to these jobs.