No, because in my experience in order to get adequate compensation over time you need to change job.

I graduated in 2017 and I now earn 240% of my graduate salary. 12.5% of the difference came from internal pay rises, 87.5% came from changing company.

I am very happy where I am now, but on past results I imagine I will have to move in a couple of years in order to keep pace with the market.