Every single decent raise I've ever gotten was from switching companies.

Even internal promotions were bad. At one bank they would base it as a % of your current pay rather than the payband for your new role so if you started in an entry level position and worked your way up you would be getting absolutely shafted.

I left after they promoted me 3 times and I was making 40% less than new hires. Then 2 years later I went back to the same bank and walked in the door making more than any of the 20 year people in my department. When review time came around they would tell me "you're well positioned compared to your peers" and give me 0 or 1% so I left again. It's not my problem you are underpaying my coworkers.

Then I got another promotion thay should have come with probably a 50% raise to be in the right payband and they gave me attitude when I wasn't happy with 10%. They were like but it's a 10% increase! And I was just like my current salary is irrelevant I want what you would pay someone off the street. They didn't budge so I used the role to beef up my resume and then left. I make more than 2x what they were paying. I would have stayed for less because I liked the job, but they would rather hire and train someone else. Penny wise pound foolish.

I learned this lesson the hard way, loyalty is for people not corporations.