My previous employer was like this. There was a few folks around who worked at that company longer than I lived lol. First year on the job there was an office retirement party for one of the department heads who worked for the company for 50 (yes, fifty) years. She started as a mailroom clerk right after school, slowly tacked on a college degree, then I believe even MBA (all on a company's dime) and ended up as a department head for a 400+ strong department.

The problem though was that the real tangible perks started probably around 15-20 years there. Some folks had full 2+ months PTO every year, decent health benefits and many other perks.

Many people from tech departments were leaving around 3-6 years mark, especially those who started from lower bands. By the end of 5th year their salary there could've been 10% higher than what they started with (2% merit increases every year), but their market value may have easily been 1.5-2.0x of what it was 5 years prior to that (experienced mid-level vs junior/entry level).

When I left the company after 5.5 years, my new offered salary was around 60% higher than what I was making at that place. Simply unrealistic to reach with 2% increases.

I broke the news to my boss over Zoom and he even had to double check if he heard it correctly - "60%? You mean six-zero? Not sixTEEN percent? Nope, not even going to try to counter it! My congratulations, good luck!"