alt Hacker NewsThis has been true for at least since 2008.
The only times Ive gotten promotions was to get hired elsewhere. Better title, more money.
Its well known that retention budgets are laughable or nonexistant, and new hire budgets are well stocked. That means that if you want to grow from what youre doing, you gotta leave.
Every few years companies give a large raise to everyone when they notice they can't hire people and the ones they have are leaving. So if you don't manage to find a new job it isn't hopeless, so long as enough people are leaving.
Of course if you don't leave they may lay you off at any time. However assuming that doesn't happen they will eventually give you a large raise.