It doesn't work. Not anymore

it's still happening though.

I'm pretty sure it does work, actually. That's the problem.

Does it not? It still does in my experience. Our company has these weird company wide meetings where they tell us how they're doing great, everything's great, but because growth isn't "double digit" due to inflation so there is a pay freeze. (I'd love even a less than double digit pay rise - even though that's still a pay cut with inflation).

Pretty much exactly what you are saying. Employees are grumbling, but don't want to get laid off and are uncertain about the job market.