Earlier quoted context omitted.
Maybe you shouldn't frame your compensation in terms of a "COLA adjustment" although I'm quite sure your employer would prefer that meek mindset.
I've been in this biz for 40 years, I've had years of way above average salary jumps - I expect a COLA every year, not something unreasonable
I learned my lesson after 7 years of COLAs (I was a slow learner /s). Jump ship at the first sign that the company won't pay you your market rate.
Now 10 years, 5 jobs, and $70K later, I don't expect major jumps anymore. I'm within $15,000 of the most that any company in my local market is willing to pay an individual contributor. I have no desire for management and I live a comfortable life.