My experience is just the opposite in my 22 years. I've only twice received a raise of more than 3% - once in 1997 when I was "promoted" to a junior programmer from a computer operator ($11K) and once again in 2000 at a different job with a ($10K) market adjustment.

I learned my lesson after 7 years of COLAs (I was a slow learner /s). Jump ship at the first sign that the company won't pay you your market rate.

Now 10 years, 5 jobs, and $70K later, I don't expect major jumps anymore. I'm within $15,000 of the most that any company in my local market is willing to pay an individual contributor. I have no desire for management and I live a comfortable life.

What does COLA mean? I've no clue and googling the term just brings up soft drinks and cocaine. I guess a fancy term for bonus/raise?

Cost Of Living Adjustment

yes, exactly that - basically correcting for inflation

Cost of living adjustment?