Raises haven't existed for a few years.
Small Company that is still getting it's big boy pants on - frankly, it's taken a little too long to do so.
Up until 2017, the company was doing great, but due to a less than projected pipeline for the year profits have been bad and this led to layoffs - 20% of the company without rhyme or reason. Unfortunately, this was not handled well for those laid off as well as well as for those still within the company. Morale is low and the future for the company is seemingly bleak.