This is a super large corporation. Being recognized for your performance amidst thousands takes a lot of personal social intervention and exposure to upper management.
One who does well are characters who understand its all about marketing your assets and reminding upper management the added value you contribute to the project and the team. Always play the teamplayer card and any opportunity to show leadership. You could design and develop the next innovation in optimizing an existing processes and receive a thank you, we'll think of you on performance review.
Progressions seems like its handed out in a communist fashion. Everyone in your level gets paid the same regardless of your performance or experience (ie. college grad with no experience gets the same pay for 8+ years experience). It really kills motivation to compete and the innovation new hires bring when they enter the door. Does it really pay to have talent in this IT shop? No it does not.
The fact most co-workers in IT do not even hold a degree related with computers or information technology earn some irk (is your BS degree in Computer Science really worth the same as a BS degree in Liberal Arts?). Most of them will probably hold higher titles and higher pay than you only because they paid their dues in time.
Many peers have accepted the fact and grown complacent, have lost the drive to learn new skills in emerging technologies as expected in IT. They prefer to be unseen, unnoticed and unrecognized. Leave before this happens.