Good benefits, terrible pay and poor prospects for advancement - Associate Director Initiative Employee Review

Getting an above-inflaction pay rise is nearly impossible. Promotions not based on merit, but on who has been waiting the longest. I've been told repeatedly that I meet the requirements of the job above my own, but there's no way to get a promotion approved and others in the team have been waiting longer. People keep leaving and aren't being replaced. Worload is currently extremely high. Some senior management have a tendency to promote and progress the careers of people that think/behave exactly like them.