The only thing that really matters is your reputation among others. If you want a promotion, start looking for another job or start your own company. The only incentive companies have to give you raises is the changes in the going rate for software engineers. Everyone ends up moving in ~5 years; and if you make a good impression that becomes an opportunity for you.

I do a good job because I'm a professional, and care about what my peers think about me. I'm not competing with them, I'm living up to the high standards that they have to me and vice versa. I don't do a good job because of some carrot on a stick tier "promotion" or "raise". Those are easy enough to get by job hopping or having the option of job hopping.