Oh you can't do that? Right, so money IS important then..
Yet they expect nearly every one else shouldn't have any financial expectations at all.
And yet, when I've worked there for two years and learned a lot and did some good things there, and I still haven't gotten a raise, I don't feel appreciated. And when I don't feel appreciated, I look for something else.
1) Cost of Living - This can change bc of higher rent, getting married, having a kid or a million other things
2) I'm unhappy about something else - When I have another issue with my work, it often leads to what many people have said in other comments..."I'm not paid enough for this" which can take many different forms. Addressing this is much more important than whatever financial increase you do or do not get in asking for it.
3) Envy - If you find out all your peers at similar stage companies are paid more than you, or that your coworkers are, you'll probably want a raise.
In my experience, #2 is actually the most common that leads you leave and even if you get the raise, a manager needs to make sure they treat the condition (whatever is bothering you) not just the symptom (I want more compensation for my work).
I had a conversation with a friend very recently about how our company handles counter offers.
"They don't believe in counter offers."
"Don't... don't believe in them? What's there to believe in?"
"That's what they say."
"That's the dumbest thing I've ever heard!"
"I dunno, it kinda makes sense to me."
"What?!"
"Well, the reasoning is if you're only there for the money, then why would they want you?"
"It's a JOB! Of course I'm there for the money. Otherwise I'd be doing it for fucking free! What if the money is the only thing keeping me from fucking leaving?!"
"Hm... yeah, that's a good point."
I don't know when or how one's passion became some sort of counterpoint to their compensation. Just because I love what I do doesn't mean I don't deserve more money. It means I'm lucky enough to be driven far beyond most, and endowed with a greater amount of ability, and thus a rare and valuable member of the team.