It depends on how big a company is and how their HR works. I worked at big dumb banks that gave outsize raises the year after promotion to "adjust for market rates" but then in high performance years gave negligible raises because we were all just numbers on a spreadsheet.

The incentives this create as well are perverse because performance becomes less a driver of a big raise in the short term.

In the long term of course, the performance probably drives the promotion which is the thing that gets you into the higher band in which you can be awarded random unearned raises.

However in the long term its easier to just jump ship for a guaranteed 20%+ bump than to pray for a random 10% every N years.