if I felt that I was making less than I should, I would start looking for a new job.

And this is why it's heavily discouraged in businesses. They want to milk people with minimal raises and not pay competitively. This is why it's good to switch jobs every 2-3 years. You get a nice pay bump especially if you upskill (certs and projects).

This isn't limited to IT positions. You can get certs in many vendors or program management certs.

I'm making three times what I used to four years ago from upskilling, job hopping and luck.