You'd be surprised. I have a friend, whose team had this policy - no raise with promotion. He got a promotion with no raise. When asked, his manager said, "yo

You'd be surprised. I have a friend, whose team had this policy - no raise with promotion. He got a promotion with no raise. When asked, his manager said, "you shouldn't work for money. You should work for the learning experience." He resigned in a month. And this was not some random fringe start-up - one of the biggest companies in the world, with over $100B in market cap.