Promoted to Sr. EHSS Specialist but the raise amount is not adding up

In the Midwest, 8 yrs of EHSS experience. Been here at my current employer for 2yr as an EHSS Specialist. Always kept myself busy and trying to help the team, currently at $85k. My manager called me to his office and presented me with a promotion letter to Senior EHSS Specialist, obviously it felt good but when I saw the amount of only a $3k raise it felt kind of disheartening… I told him that while I truly am thankful for the promotion that I wanted to counter it or see if there was more they could add. He told me that I was already at a competitive salary and that HR had also done the research in the area.

My employer makes luxury outdoor sports vehicles. I’m certain a larger raise could be afforded. It has also been a record year on having less than 5 recordables and lost time incidents. We used to always have near or more than 20 recordable per year. Isn’t the 8 - 11% the standard raise on promotions?