Csuite "doesn't believe in raises"

TLDR; (How) Would you try to communicate up the chain to Csuite about the need for COL raises or would you just leave a job where you love your team like family?

I'm a relatively new low level manager in a corporate office. I've been with the company many years and worked my way up from entry level. I've always known the upper management were extremely conservative and cost-conscious but I've had valid support for my promotions through that time so it didn't bother me much. Now I'm at a point where I don't expect another promotion for some years but this year was the most profitable year the company has had in literally decades and...no raises. None. And everyone was so angry that it became very vocal complaint around the office. I come to find out that while I've had promotions through the years, some of my excellent colleagues haven't seen any raise at all in 5+ years! (Why are they still around, you ask? I can't fathom... and now I feel a little guilty for my success while others I value get shit on..). I spoke with my director about what's the standard policy for annual review and evaluating raises that I can share with my direct reports? The answer I got boiled down to it's entirely up to the Csuite and they don't believe in annual raises. They have to be fought for. Turns out this director was the reason I was promoted along the way when I gave him the ammunition. This team has become like family and I value many things more than the money. That said, isn't it a little blind to stay somewhere that isn't apparently going to give even a small 3% and hasn't in years? I truly don't know how anyone has stuck around who hasn't been in my position of upward trajectory. I want to send a message up the chain to say this is not ok, this office is in revolt, I assume other locations are too, and if it happens again there's bound to be some very detrimental turnover and loss of amazing talent. I can't just go emailing the Csuite though... what do you do? Just leave with the rest of the wave when it happens and grieve for the poor judgement of the upper management?