Frustration with performance reviews and lack of promotions at work

I’ve been working at my current company for about two years now, and I’m really frustrated with the performance review process. In my first year, I took on a lot more responsibility due to layoffs and a hiring freeze, and my peers and managers rated me as significantly exceeding expectations. Yet, I received no promotion or raise, just a bonus that was barely above the minimum threshold. It felt like a political move to avoid giving raises that year. This year, I’ve been solely responsible for multiple projects outside my main department, and again, there’s been little hiring and more people leaving. I’ve been rated with a mix of meets expectations and exceeds expectations, which is somewhat amusing since it seems to raise expectations from others. I received a 9% raise, but with the maximum possible raise being 25%, it feels like I’m just keeping pace with inflation rather than being rewarded for my hard work. I’m at a loss for how to actually secure a significant raise or a title change. We had one new hire this year who, despite having lower qualifications, immediately got a senior title, even though their work has been criticized. It seems like no one in my department has received a title change, which is disheartening. I’m starting to wish they would just lay me off with severance at this point, because while my salary is competitive, the unfairness of the situation and the increasing responsibilities without any benefits is really taking a toll on me.

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