For many years, do you fully understand its compensation structure?
Some companies offer very structured compensation packages. Employees earn a base salary and a bonus which can be up to a percentage of the base salary. On top of cash compensations, the employees may receive stocks and other options but they are strictly linked to their base salaries. If this is the case for your company, you may have to negotiate a pay raise whenever there is a room.
Other companies may offer a base salary and a fully discretionary bonus. Bonus has nothing to do with the base salary.
Publicly traded companies and lower margin companies are likely to offer well structured packages, because their compensation policies are subject to investors' scrutiny or they have to keep costs under control.
Private partnerships are more likely to do the opposite. Employees may receive a bonus with high flying colors without a pay raise.