"we are compensated 40% lower than current industry standard."

Why would you take a job that pays 40% less than industry standard? I'm guessing it's because no one else would hire you. I understand your desire for more pay, but this kind of reminds me of the girl who marries a dude with severe flaws but thinks "well, I'll just have to change him after we're married". I wish you well with your effort to increase your pay. The market forces should help you. But to complain about your pay when no one put a gun to your head to take the job seems a bit incredulous.