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Where do you work? Most big firms typically have set pay bands for levels of white collar roles, promotion moves you to a new band, and these bands typically don't move down suddenly. You shouldn't expect a bigger raise than in the past, but you shouldn't expect a smaller one.

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Not true at Globant. Freeze on increases and promotions for a couple of years now.

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Assuming your firm has bands, doubt they are lowering them, maybe just not adjusting them up as much as they did last few years. I’d be more concerned with promos just not coming at the same rate which is a way firms can control payroll easily.

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