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Same boat here. It’s incredibly demoralizing to watch the company brag about record-breaking quarterly earnings in the all-hands meetings while we get told the budget is non-existent. The disconnect between upper management's narrative and the actual compensation strategy is glaring. It’s hard to stay motivated when you’re delivering high-level security projects but your merit increase doesn't even come close to keeping pace with current inflation. Many of us are polishing our resumes and looking elsewhere because the internal growth path for salary just isn't there right now.
That’s standard procedure for them, unfortunately. They know the market is tough and they seem to be banking on employees being too risk-averse to leave during an uncertain economy. I wouldn’t take the 'budget constraints' excuse to heart; it’s just the script they’re told to read. If you’re truly feeling undervalued, the only real leverage you have is an offer letter from a competitor. Loyalty doesn't seem to be a factor in their compensation formulas, so you might want to start testing your market value sooner rather than later.