Their “philosophy of total compensation” used to actually penalize you for past RSU grants appreciating beyond projection. Even with a strong review you’d hear things like you can’t get a salary bump, because you’re already over your target compensation. I wonder if that’s still the case.
Over time I've learned to tune out the reasons that employers use to justify changes to total comp. I just don't see why their reasoning would matter to me.
I find it more useful to make my own assessments about what I could make elsewhere, and whether or not (all things considered) I want to continue with my current employer.