> Many companies posted record growth and profits over the pandemic, but still give out paltry 3-5% raises every year.

A few disconnected points:

As we're seeing, some of that growth was temporary. Between inflation and growth, record profits is expected from any company not in decline. Allocating profits from growth to more growth is a reasonable choice. There's no reason for wages to track profits. Wages are driven by the labor market; profits just act as a wage ceiling.