[nixonpjoshua]

This works so long as the company giving raises is successful vs the broader economy - however in the process of "creative destruction" in the economy a lot of what drives growth is new firms or innovative firms displacing old firms, thus the ability to pay a raise will be diminished in firms that fall into the "old" category vs the firms eating their lunch. It is just a statistical reality that if you stay at the same firm for 40 years that it is likely to at some point become an "old" firm.