the way it works at this bank (also probably at most other similar big company) is that you’d never get more than 5% raises, it’s usually 0-2% depending on your rating that year (also, we’re not allow to give a 5 rating anymore unless we write a paper justifying why the said employee deserves it). and also your pay percentile have a certain influence; if you’re over a certain percentile, your raise will get less and less.
now, the funny thing is, if you do lateral position changes within the company every 2 years, you’re more than likely to get a 10% raise each time (you do have to ask for it when you apply).
Yep, I know how it works... did a few decades in the corporate world. My problem was that I eventually got bored in each position, so I would always seek out more projects within the company to get involved with. That tended to keep me from being too bored, and got me raises alot (and bonuses, end even stock options).
If I had just sat there like a lump doing the same thing year after year, I wouldn't expect more than cost-of-living increases now and then.