And a new job at a desired position will get you 3x the raise than promotion withi to that position.
HMW did a video on this, which informs why everyone quiet quits that is, doesn’t work beyond their official duties in order to get management to take notice. So instead of putting your heart into your work, you half-ass your work and put your heart into seeking your next job (résumé, calling headhunters, etc.) and hope to to get upward mobility via job changes.
The companies screwed themselves over, by being too stingy with benefits and promotions, and by seeking to hire experienced workers from without, rather than training them themselves (and saving on onboarding).