Yes, it's both worked for me and I've also managed many, many people in orgs who have proven very valuable to the company and had their comp doubled or more. Most people are not bold enough in negotiation for their own good once they are entrenched at a company. You need to create a relationship with the person who can make such a thing happen. If it's not your direct boss, then find the person up the food chain who can make such a thing happen.
