This person is good at their job and has likely been with you a long time as the company grew significantly. Now, they are at the top of their pay range and paying them more doesn’t make sense on paper, but you want to do something that keeps them and shows appreciation. Often, this person is a non-family member of a private or family owned business. You know that if they were at another company, they’d have more perks or incentive options like equity, and you don’t want the temptation to lure them away.