Why do so many companies- including the one I work for- give these minescule pay rises when someone has worked their backside off and exceeded expectations.
Read the thread. Tiaraboo explained how pay budgets work on the first page:
I got a 3.5% budget to dish out to my employees. To reward higher achievers, I need to reduce others payrises, so definitely no room for giving 10% pay rises
This is how it works at most businesses above a certain size, and the amount budgeted for pay rises isn’t decided on the basis of inflation. It’s about what is sensible and affordable for the business. If the OP thinks that she is working well above the level she is paid at, then she needs to ask for the role to be benchmarked, as others have suggested. Or even better, just leave.
OP, In discussions like this you have to be clear headed about what makes you valuable to the business. Are you bringing in loads of new business? Do you have specialist skills that are hard, and expensive, to source? That’s where your bargaining power comes from, although that’s best used by moving to a new role elsewhere.
You have to be prepared to find out that what you think is valuable, isn’t considered all that valuable to your employer. For example:
My job role now covers about the twice the work of what it did when I started
They won’t care unless you’ve got something they can’t do without.
and what I have done goes far beyond the job description.
Ditto.
I've won awards
OK but awards for what? You need to be dispassionate in assessing the value of these awards. Employee of the month stuff tends to be a ‘let’s be nice to the staff for morale reasons’ thing rather than an expression of market value. It might be something you can leverage, but only if it relates to skills the market will pay for, e.g. developing new green energy solutions. Not if it’s an award for being nice or being popular with contacts.
and had really positive feedback from across the business.
See above.
I've had another company who has heard about my work beg me to interview with their company with 3 different roles
This is when you should have started the negotiation with your current employers.