Employees have a mistaken belief that if profits are high they get to share in the spoils, they won't. Shareholders are who get those rewards. Either via increased valuation, dividends, buybacks, or all of the above. The only exception to that would be employees at an exec level who get richly rewarded on the basis of doing well for the shareholders.
Employees also seem to think they're entitled to receive payrises every year based on their performance, indexed/adjusted to account for CPI increases too. That's not what happens either.
Your employer isn't maximising for the socially and morally optimum outcome for their employees no matter how much they tell you you're family. The maximising for return on investment. When it comes to what to pay people, or how much to increase it, it's just a huge bunch of faceless and nameless people. Some finance people will look at the numbers, look at the market, look at the company forecasts, and make a decision on how much they're willing to spend to reach their objectives. And I guess this year they've taken a look and come to the conclusion that "there's been so many lay offs, the job market it so competitive for candidates, we're already doing enough. We can maintain the status quo, any negative impact will be imperceptible, we're still expected to reach our targets. So why pay more?".
It's worth learning how to advocate for yourself more strongly. If you're surprised by changes like this and having to negotiate strongly for your own salary it's because you've been the beneficiary or a hot market for a long time where external forces were driving that negotiation on your behalf. Times have changed.