How Money Works did a video on quiet quitting (e.g. doing your job and not a jot more) and how companies did that to themselves.

Rather than promoting from within, companies started hiring outsiders who didn't need training in the software and duties of the new position, saving them the cost of training (or rather passing the cost on to the workers.)

(This is where my wife interjects an observation from her own job in admin, incuding HR, that the hired stranger will still have to be frontloaded with all the company specific protocols, like who signs your work logs, where you eat lunch, where the printers are in the LAN, what accountant orders more supplies and so on, and this process often takes longer than training)

Anyway, workers quickly learned rather than asking for a raise, they keep their résumé current and keep applying for higher paying jobs, and the moment they land one pull up stakes and leave, owing no loyalty to the old company.

And since working hard and sucking up to the managers doesn't make a difference for promotions or raises, people bring their bare minimum effort to work. Doubly so since hiring from ouside pays on average three times what promotional salaries are.

If they're not paying you what you are worth, keep light on your feet and look at competing companies. Heck if your workplace is toxic, secure whatever intel you can while you search for jobs.