[dbz]

It looks like you are getting downvoted, but there is a lot of truth in what you are saying. I have lots of anecdotal evidence of my peers leaving their jobs for new ones that pay a lot more. The very senior/principal engineers have even been offered large amounts of money/stock to stay, but by that point it's too late. The best path to getting raises starting from a junior engineer is to leave for a new company. There are many benefits I can list to stay at one company (network, growth as an engineer, etc.), but promotions and pay raises aren't part of that list with few exceptions.

[ThrustVectoring]

There's game-theory stuff too. Job market is a lot like an auction, so if the winner doesn't correct for things they'll usually end up paying for their winning overestimates of candidate value.