What does "seniority" buy you as a software developer? I stayed at one company for 9 years and between bonuses being cut and 3% raises my pay at year 9 was only 8K more than year 2. Over the next 9 years and 4 companies, I'm making $70k more. This isn't anecdotal:
This was between 1999 - 2008. Our quarterly bonuses started out at 20% and the yearly raises were 3%.
But even at 5-6% raises, that doesn't compare to the roughly 11% "raises" I've received by jumping jobs 4 times since 2008.
As far as money isn't everything. Yes there is a trade off between how much I'm willing to accept and commute times. All in all, the only reason I go to work every day is for the compensation.
As far as I can tell, the gravy train is over as far as being able to make 10K to 20K+ to switch jobs if I still want to be an active developer and I'm not willing to relocate. I'm okay with that. Now the criteria for jobs are what new skills I can learn, comparable compensation, new challenges, and work life balance including the commute and work for home opportunities.
But money isn’t everything and those pay rises suck I get 5-6% p/a without asking, must have been a heck of a bonus cut then.