I struggle to understand this mindset a bit. Barring early "first job" jobs, when you were hired, presumably you agreed to / negotiated a compensation that was not the absolute minimum your employer could pay or that you would agree to. So to start, they're already not paying you the least they can. But then, if you're not doing anything more than the minimums/what you're expected to do, why would you expect anything more than minimum compensation raises? If you want more pay, and higher pay, you have to be doing more than you were originally hired to do. Especially because part of the hiring process is acknowledging that you will not actually be up to speed for anywhere from a few months to a few years.
Do I think companies should do more to retain and compensate their employees? Yes. Do I think that most companies are short sighted as to the true cost of losing valuable employees over compensation issues? Yes. Do I think that companies should try to do more than "the minimum"? Yes. But I also think all the same things about being an employee. I'm not saying you give up everything to the company, but I've known more than a few people in my life who were hardline "minimalist" employees, and they were always surprised by the fact that they were treated equally minimally by the employer.