If the boss has a ready replacement for a substandard employee, he or she will make the move. Become so darned good that they almost force money and promotions your way. In any job, being recognized as the expert has many benefits. I was the only CPIM in a large Fortune 500 company, and no one matched my salary increases while I worked there. Apply for openings that will force your boss to reassess your worth.
Many large corporations allow employees to nominate themselves for openings.
I applied for several openings in my company and each time my management countered to keep me. One time they couldn't counter, so my manager asked me to stay by promising a big raise at a later date. I did, and he kept his promise. Watch for jobs that fit your boss' qualifications and make sure he or she knows about them. Your boss is probably just as ambitious as you are and may feel that his or her career isn't going as fast as he or she would like.