Yep. Time is on their side. The company is in no hurry. Happy to keep paying your simple 1.5% raise every October. A recession is coming. Might be next week or 2 years, but when it happens if there isn't a contract in place you can guess what the company is going to say. "Gee, ummm sorry. Times are tough now. No bonus, no raises, and you need to pay more for your benefits. That's our new offer. Too bad you didn't approve the contract ..."