Former job, I had to be the bearer of bad news to a team of 10+ employees that they all were not getting bonuses and no raises. I really fought upper management went directly to the CEO, who by the way all did get bonuses/raises. I got a raise and bonus as well probably to keep me complacent. This was one of our better profit years, so it made absolutely no sense to do a freeze.
So I decided since I couldn't get anyone above to reason. I instead told my team it was bullshit and exactly why in each of there reviews, even though I was given a script and explicitly told not tell them more than that. I told them that they should start looking for a new jobs and I'll help anyway I could. Told them honestly that this was probably a tactic to push some of them out without firing them and replace them with lower wage workers, I wasn't told that but I knew.
Worst year of my life. I left as quickly as I could myself. When I left they offered me a significant raise to stay, they were literal villains so I obviously said no.
Some of my team unfortunately stuck it out and got fired over petty shit months after I left. 2 years later they were all gone and replaced with low wage college interns. I hated myself because I was their shield for over 10 years and finally lost, as soon as I was gone they had no one to fight for them.
I don't know if there is a moral to this story, the bad guys technically won.
Guess a take away is unless your company is struggling and the management also takes cuts or freezes, no one below them should. Don't stay.