Joining promo sessions
In a large tech company, the fastest way to increase your comp is to get promoted. You may get a slightly bigger comp increase if you ask for it, but it likely won’t be significant.
In big tech companies, compensations are automatically computed based on a magic formula mostly relying on location, level and rating. Once the initial numbers are out, managers have a bit of leeway to adjust comp as they see fit but the usual adjustments are peanuts (at Google, it was about a few thousands dollars per year across a whole team).
If you are really good and a flight risk, you may get a large one-off compensation increase (e.g. you may get paid your L+1 level even if you’re not officially at that level). But this is very rare and usually restricted to fairly senior engineers.
Switching job will give you a short term increase, but won’t last on the long run – the simplest proof is that nobody reached a Meta E8 comp by switching companies every 2 years 🙂