> If you are not happy with your 3% COLA, will 5% really mollify you?

Most of the jobs I had didn't even have a COLA. So yes 5% would be fine.

> New hires get paid more because they are worth more to the employer

Anyone who manages a company should put their money where their mouth is and fire their whole team, and hire a new one. Those new hires are worth far more than the existing team was. Except, we all know it's BS, and existing employees are what keep a company in existence.