[diminium]

How about the pigeonhole effect of linking titles with compensation?

Also, in many places, having the "Junior Dog Walker" outshine the "Lead Dog Walker" can end up being a severe career limiting move. This seems to lead to some hierarchical tensions as many people seem to want their juniors to be juniors and little more but not too much more. How is this countered?

[staunch]

There's really no substitute for good leadership. If your boss doesn't rewards and respect you for being awesome then go to a company that does. It's that simple. The good boss might give you a grandiose title or not, it shouldn't matter.