At my work, every year after bonus season there’s a wave of people that leave. Especially this year, the company I work for had great profits and inflation is at an all time high, yet they gave all of us 3-4% raises and average bonuses while the c-suite cashed in record bonuses.
I work in a highly specialized field and with hiring already difficult, they’ve had to increase the pay grade and offer signing bonuses to incentivize people to join as openings sit empty for months and attrition is at a high, but if you’re an existing employee promotions and above average raises are regularly turned down by HR even for high performers…the end result not surprisingly is continued turnover and unhappy employees left to pick up the slack.
I actually had a coworker move to a competitor after HR turned down his manager‘s promotion requests and then move back onto his old team with a significant pay boost after they had no luck hiring anyone at his old salary. Sadly this seems to be the only way to be paid fairly and get a market adjustment.