I just went through this. They gave a one percent raise, last year, because COVID. (The company was fine.) Inflation around five. I talked to recruiters and got a new job, with nearly forty percent increase. Prior employer offered me a large increase to stay. I did not. A raise below inflation is a pay cut. That’s enough.
A couple years ago my previous company cut the standard yearly raise from 3% to 2%. When inflation went crazy during the pandemic I started casually dropping the quoted line into every conversation with coworkers I could. I even threw out some feelers around organizing but I was always laughed off by someone or other.
