[ldp01]

The grain of truth behind the article is that if you move into a new position with more responsibility you will likely receive a good jump in pay. And conversely if you stay in the same position your pay rate is likely to stagnate or rise with inflation at best.

But the author has conflated this basic principle with changing companies, which I believe is a false statement in general. The effectiveness of changing company as a strategy to increase pay will vary wildly across industries and professions.