When I’ve been on the “boss” end of these negotiations, I’ve always had the best experiences when an employee comes prepared with substantive reasons why their comp should be evaluated and adjusted. As an employee, when you request your compensation review, don’t assume that everyone involved in the process knows why it’s a good and necessary thing; don’t hesitate to provide context like, “I’m now managing five people instead of acting as an IC” or “I haven’t had a comp review since I completed my Master’s Degree in AI Engineering and changed my daily work.”
Also, be prepared to ask lots of why/how questions during the dance. “I understand that I’m compensated at the high end of the band for software engineer. Given my experience and work on Awesome Project, what does the path to senior software engineer look like for me? How does that work differ from what I’m doing today? How does compensation differ at that level?” If your org doesn’t have those answers immediately, they should make a commitment to finding them and discussing them in short order.