The worst is when you get a manager who’s either too clueless to realize you’re seeing a pay cut from an “increase” so small, or one who knows but is pretending otherwise.

That awkward pause in the comp update meeting when they tell you about the “increase” and seem to expect some positive reaction. LOL.

If your "raise" is less than the increase from things like inflation, it's not going to be noticeable even if you did look. The concept of cost of living increases is laughable today. Even banks looking at a mortgage application is assuming your salary will increase way beyond what today's raises are. The only way to do that is to jump ship and find a new job, but then you're dinged because your work history is not stable.