Where i work the only way to get a noticeable jump in salary is promotion. I call this "horizontal scaling" of salaries. I believe the "vertical scaling" of salaries would be a better fit. Some already have it in tariffs, most of the time there are tough limits to what you can earn as "simple developer/project manager/sales clerk".

So yes, probably promotions are not the right action often, but the other options need to be improved.

edit: i lacked the explanation of vertical scaling: rising salary in the job you are currently doing and building expertise and experience. Opposed to being horizontally moved to a whole different job where your expertise is probably worse.