Managers out there: Would you give your employees a raise if you could?

I just saw a poll on linkedin asking: 'should you get better at negotiating pay?'

I also see many posts about how people leave companies that don't pay you 'what you are worth'.

Personally I would shower my people with gold if I had the budget, but I was given a budget increase of 2,5% to work with and I have a sense it's the same for many others, that you would pay people more if you could, but budget restraints and salary ranges are a real thing...

How about you? Would you pay your employees more if you could?