Can you get a really good raise if you perform well?

• For most cases, changing jobs will net you a bigger pay increase compared to staying and gunning for a raise.
• As for getting large raises, but most companies don't give compelling raises. The unfortunate reality is that almost all companies care more about bringing in new people vs. keeping their existing people. This may change as companies seem more focused on retention now vs. hiring, but I wouldn't put too much stake on it.
• Even at companies which have very strong raises like Meta (Meta does an annual refresher which is multiplied by good performance), job hopping will often produce more money.
• The trade-off of course is that job switching requires going through the pain of interviewing, sacrificing your growth during that time, and then losing all the social capital and standing you have on your current team. Also if you're on the upper end of your level but not good enough to perform at the next, it can be bad to switch.

Related resources:

• Job Switching Is Great For Pay But With Major Caveats
• Full Session On Tech Compensation