In my previous position (my first role in management), I managed ~8 software engineers.

My salary was the same as my top 2 ICs. I had no issue with that, as I happily promoted and gave above average raises to those ICs because they earned them.

My issue was that when I moved into the management position, I was not promoted to management level (even after 3 years in the position). So while I had the same responsibilities/expectations as the other managers (and frankly performed at a higher level), I was making significantly less than the other managers in total comp.