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Sounds like a bunch of stuff that should be added to her resume.
Either they’re giving bad evaluations to save on raises, or management is toxic and has unrealistic performance standards.
I agree on both points. Every time I've tried to talk to her about how mistreated she is at her job, we end up in a fight, so I've stopped trying. We don't argue much at all, have been together 25 years, and next to no issues. But she feels that it's just normal to be treated like crap at a job, and you just have to deal with it as it won't be any better anywhere else, and may be much worse. The only job she ever had where she was treated well, and paid great got shut down for some tax fraud stuff no-one who worked there knew about. That doesn't help her confidence in finding something decent.
You should* update her resume, shop around her resume, look at some job postings, and get her to talk to some recruiters.
Update her Linkedin too.
It's one thing to talk about a theoretical possible new job that might be better. It's another to present her with: "These companies will hire you at X% higher and their Glassdoor reviews are better than your company"
I was like that (comfy in my old job) and it wasn't till I was confronted with job postings that were 50% higher pay that I was qualified for and at a better company that I realized I was underpaid and needed to switch jobs.
Edit:
* offer to or encourage her to. Maybe it's a bad idea to go behind her back and update her LinkedIn and resume though you could still check out job postings and glass door reviews.