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That happened to me many moons ago.
"Hey so I've been here a few years and I've learned a lot more and I'm much more productive in my role. I've also learned the business enough that I've applied the skills I brought with me to the point that that's now less than 10% of my workload, having become so efficient with it that you haven't had to fill the other opening you had for my role because I'm handling it all. What do you think my prospects would be for a raise or promotion?"
"Sorry, no budget for a raise this year beyond your 1.3% annual raise (in a year with 4% inflation). And sorry but we can't promote you either. You don't have the skills for the position above yours, and besides, if we promote you out of your role we'll be too under staffed in it."
"So hire someone, let me train them for my role while you train me for the role I could promote to?"
"Nah that's too expensive and we wouldn't likely get the performance from them that we get out of you. Great job by the way. But no, no promotion, no raise."
"Do you think that might change next year? Or like...where do you see my role here in the future?"
"We're really happy with the roles you're in and feel you're well suited to it. And we feel that your pay is in line with the work you're doing, so just keep up the good work."
...so they basically told me that they'd keep overworking me and that I could expect to never get a significant raise or promotion ever again.
Two months later I got a job offer doing less work, work that was much more in line with my skills and preferred work...and a 38% raise. When I gave my notice, immediately they wanted to make a counter offer. I said I'd hear them out but based on our last conversation I doubted they were going to be willing to retain me...but sure I'll listen.
Their offer:
No raise.
I could work a shift of mandatory 9 hour days to make more money (OT was always unlimited and freely available so this was literally just taking away my choice to work OT and forcing me into it).
No promotion.
But they would also start training me to assist another guy in the office with his work. Basically I could work longer hours and have more responsibilities for the same pay.
...and they were surprised when I refused.
They even had the gall to tell me how they felt betrayed that I only gave them 2 weeks notice, rather than agreeing to stay on until they could find my replacement and I could train them. When I pointed out that they literally told me they weren't hiring my replacement as long as I stayed their only response was that they would have if they knew I was going to leave.