In my view, I have observed many good, underpaid engineers because they choose stability over higher pay. Most people are happy with slow and stead pay rises while working at the same company. Companies know this and pay accordingly. Only your top 1-10% of employees need more careful "TLC" to give higher raises and regular off-cycle feedback: "You're doing great. We are giving you a special raise for your efforts." You can mostly afford to lose the rest.