You're exactly right, in an unexpected way though.
I was working at a somewhat successful BigCo. (makes HN frontpage every other month or so) a few years ago. Then came the time to discuss raises that year. I did more than was required of me, helped other teams, rewrote a bunch of legacy code in languages that were not part of my job description, etc.
What did I get? A sub-inflation raise in a year where the company's revenues increased by 70%. My closest coworkers received about the same. All because we worked on infrastructure, deemed a cost center.
So next year I coasted and put in the bare minimum while working on side project and taking freelance work. Got average to below average marks when the special time came. Then got asked to work unpaid overtime to "fix my mistakes". I quit on the spot. It was a huge relief.
Now I work for the man in the mirror and he's the best boss I could have ever wished for.
Are you guaranteed those things if you work better than the rest? No, external factors can nullify all your dedicated work.
What would you do if all you had to show for your effort was that employee of the month picture on the wall?