Decent benefits but stagnating pay and promotion issues - Software Engineer Principal Financial Group Employee Review

Pay is below average and Principal does not offer inflation raises. Once you hit the midpoint of your salary, you will get a 0% raise until you’re promoted, which will take multiple years regardless of performance. Performance reviews are vague and often used against employees to avoid promotions. At least in my department, I’ve yet to see any of the remote workers be promoted. This is starting to affect attrition and we’re already starting to see people leaving. It’s well known at this point that the best way to get promoted is to leave Principal and get rehired, which even leadership has stated publicly. This is a huge frustration and blow to morale, as it starts to feel like employees need to compete against their co-workers for raises.