I've been in this situation more than once. Each time it happened I worked with my direct manager to figure out the best solution whether that was a higher salary, better benefits (vacation, flex hours, compressed work week), or other, more ephemeral, perks like a new job title. Of the 6 times I was in this situation, 3 of which were at one company, I only walked once.
However, in order to be able to walk that meant I always had an escape plan. Even when I was elated about a job and would go home floating on cloud 9 there were always options in the back of my mind of where I would go. I continued to job hunt: sending out my resume, talking to HR at another company, or networking with friends in the industry at least once a week. Plus, even when my budget was tight, by force of will alone I kept an emergency fund that would let me float for a while without racking up my credit cards.
Never let yourself get in a place where a company, or anyone for that matter, can take advantage of you without recourse.