Stagnant pay vs. rising expectations

The name on the resume is only worth something if you actually have the time to produce high-quality work. Right now, you're likely just drowning in a sea of diluted output because they've cut the staff to the bone. Don't fall for the trap of thinking loyalty will be rewarded later; the leadership is clearly banking on you sticking around out of habit while they pocket the savings from those vacant desks. Update your portfolio and start looking elsewhere, because the 'budget constraints' excuse is never going to change as long as you're willing to do two people's jobs for the price of one.

It is the classic corporate shell game. They create a 'current economic climate' narrative to justify stagnation while simultaneously demanding peak performance on skeletal resources. You aren't imagining the burnout; it’s a feature, not a bug, of their current operating model. If you stay, you are effectively subsidizing their profit margins with your own mental health. Use the leverage you have while you still have some energy left, and stop waiting for a salary adjustment that they have zero intention of granting you.