I agree. Especially if the employee is actively asking for a bonus or a raise, and being denied.

If an employee says to the boss "Hey, I think I'm worth X more than you're paying me", and after extensive "due process" the answer comes back from management as "No, and you can't have more time off either", that's a clear sign that the decision makers have, at best, limited respect for that employee's work. Verbal claims of respect, at this point, are almost offensive.

That said, on the other hand, piles of cash but nary a kind word is also not very respectful.