But in reality, salary worth is determine by your negotiation skill within that limited time window before you accept the new job. And that's another industry's dirty little secret.
I'm pretty sure that at least some companies compensate for negotiation skill at annual raise time. Google, for example, tries to normalize salaries by performance & job function when they grant raises. So if you're a really good negotiator and managed to get a salary much higher than your equally-performant peers, your annual raise & bonus will be less than if you're a really good programmer but suck at negotiation.
My guess is that all other things being equal, a bad negotiator won't actually catch up to a good negotiator. If things are not equal though, and the good negotiator sucks at his job while the bad negotiator is absolutely rocking it, I think that the strong technical person could easily make up the difference through promotions and bonuses.
Negotiation skill and how desperate you are. Some will do anything to get a foothold in The Land of Opportunity, while others are already there and can afford to wait for a better offer.
My guess is that all other things being equal, a bad negotiator won't actually catch up to a good negotiator. If things are not equal though, and the good negotiator sucks at his job while the bad negotiator is absolutely rocking it, I think that the strong technical person could easily make up the difference through promotions and bonuses.