I did this. I landed my first job out of school way below industry rates (like 2/3 typical junior in my area, mostly because I'm bad at negotiation), got a tiny (~2%) salary bump at 6mo and then nothing for a year. I never felt comfortable asking for a big raise, despite learning a lot and contributing a lot, and after a year the bump at 6mo felt more like a slap than anything. I jumped ship when another opportunity arose. They counter offered more than where I was going (double my current salary) but I didn't care, they had already eroded my trust (and confidence) and I didn't want anything to do with them any more (not that I actually said that, gotta follow my M.O.).

My communication skills are my biggest flaw, especially around things like negotiating salary / talking about how I feel with the job. My technical communication is pretty fair, but I turn into a brick wall when we approach higher level meta conversations. I had plenty of opportunity and I wasn't mistreated, but being paid half what you think you're worth for a year with no change in sight really does a number on your confidence as a new player, and I never spoke up about it. I'll accept if that means it's my fault for not getting myself a raise, but I also won't feel bad about leaving after getting on the job training.

If you want to keep your junior employees, pay them what they're worth now not what they were worth 6mo or a year ago. Switching companies is just the only way to force companies to reset the memory of what your salary used to be and reevaluate your value.

That said, based on your other comments itt, that may not be the case in your example.