One option to consider is to interview around and get a few firm, written job offers with companies you'd want to work at and with compensation you know to be fair. With those in hand, go to your employer and hand them your resignation "effective immediately". You can then say you're now available to be hired at an appropriate compensation level (and with firm offers in hand, they can't easily low-ball you) without having to wait for some arbitrary cycle. If they're unwilling then your fallback is the several better jobs you've already lined up.