Which takes 1-2 years of very hard work to discover, by which time the employee has invested a huge amount of effort for 10-30% more salary and 1-20% more equity than a new hire who has contributed nothing.
And this employee has to wonder why they're contributing so much more when other people are doing almost nothing and getting nearly the same reward. Which leads to the best people quitting and the worst people staying.
Most startups treat "The Senior Leadership Team" like unique people who matter and have to be compensated like they're hard to replace. They get employment contracts, large bonuses of equity/cash, and special treatment. Everyone else gets lip service and the treatment of replaceable cogs in the chain.
For example, the 10x programmer typically gets 10-20% of what an incompetent VP will earn in total comp. Because they're treated like two different classes of employee.
And this fact hurts most companies deeply in ways they'll never understand. It shows up in project delays and huge problems, which ultimately cost far, far more than it would've cost to keep the best contributors.
At nearly every job, I've gotten a raise nearly every year. But the raises generally are very small, 5-10k a year. I'm not going to work nights and weekends for another taxed 5k.
No company I've ever worked at has a bonus system. I would gladly get a feature out in 2 weeks, instead of 4, if it meant a extra $5k check in my bank. Instead, repeatedly doing that for a whole year means a taxed $5k raise at the end.
Not. Worth. It.
Yes you do. This should be recognized via bonuses, raises, and/or promotions as appropriate. It's not immediate, but it does manifest over time. If it doesn't, use the experience gained to move to a company that appreciates such work and rewards it appropriately.