A colleague at a former company asked his then manager about the track for promotions. Said manager basically laughed and said "if you got that promotion, then you'd be competing with me". This was a company that had bands that were lumped together for purposes of evaluation.
AFAICT, the best route to promotion is a transfer to a separate administrative unit altogether, and so avoid this situation; and the best route to a raise is to leave to another company.
Relying on your loyalty to be rewarded is a fast track to being played for a sucker.