Well, I was kinda in that situation for many years before I moved up in my company. we had salary ranges that were upped every years so you could get into the upper range but the goal post kept moving. You were eligible for promotion if you reached the max but it was hard to reach that max as it changed yearly. I got very good evaluations & took every course the company offered. HR acknowledged I should be promoted but there was no position to be promoted to.
So I decided to leave & luckily spoke to the EVP of my dept & he was also the EVP for HR. He gave me very wise advice, at my age, in the 50s as well, think about my pension & benefits that add value to your salary. I always got good bonuses. By not giving salary raises & giving bonuses, it works out better for the Company. Our bonuses weren’t based on salary tho. Now, the environment is tough for companies with inflation, increased minimum wages, increased expenses so budgets are tight, I imagine. All companies have to make a profit.
So my solution was to go back to school & re direct my career. The company paid for 4 degrees & I did very well in the end. I worked for a NYC Insurance Company.
So I’d seek other opportunities in your company & if you have a pension program & good benefits I’d not give them up if you are in your 50s. If you are having financial issues I’d get a second job if you must.
Tho frustrating, the grass isn’t always greener on the other side. You really have to weigh your benefits as added value to your salary.