I was at my previous company for almost 10 years, I had annual promotions and I roughly 4x'd my annual income in this period, which averages to about 15% of year-on-year pay increases. Part inflation, part growth in skills.

Virtually all of that happened in the first 8 years. In the last 2 years I also stalled and saw minor inflation corrections of 2% a year, so I quit.

In my experience it had everything to do with me. In the first 8 I was very hungry, and always willing to take on something more or different. In the last 2 I was very much set on just coasting and doing what I was already doing, and it translated in them paying what they had always paid me, plus a little for inflation correction.

I think the truth is usually that if others don't stall and you do, that the solution probably sits with you as well. That having been said, I think now with AI the value-add of an employee sees so much pressure, that I think stalling will be a major trend.