My company has given me a promotion without a raise. Any suggestions on how to deal with this?

Little background:

Asked for promotion in late 2020 - was required to skill up, after skilling up, asked again about when I'll be promoted and was denied because there is no "vacancy" for it.
Got my annual hike in Oct 2021 without the promotion. I asked HR last week again and got a random announcement email saying my promotion is w.e.f Oct 2021. ( and no raise for the newly promoted role).

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I don't know your organization and the industry your organization operates in, but this is a very demoralising way of treating a performing employee. Not to instigate you, but the simplest way of addressing this is finding better job offers in the market and switching to better organization/role.

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