My father is a senior, tenured professor of mechanical engineering. He's won a bunch of prizes and fellowships. He's probably one of the best in his field. I don't ever recall anything about substantial raises. In fact, all I ever hear out of him is that they're cutting staff, restricting bonuses and cutting raises. This coming from a man who works on research and the related papers/books almost every waking hour of…
It's been observed that once any organization reaches a certain size or age it acquires so many institutional rules and traditions, and has so many layers of staff, that it effectively lives more to serve itself than to serve the outside world. It also acts increasingly not to fight the problem it was meant to be a solution for, but to actually preserve and continue that problem, thereby maximizing the chance for future job security for the institution itself. It will increasingly not want to cure the problem, but to temporarily alleviate it -- alleviate it for only as long as the institution's services are purchased. Once that happens, the organization has become a bureaucracy.