Corporate managers on this group? Is it really true that the only way to climb up is to be mediocre at your job and switch companies regularly?

Reading the conversation on this subReddits, a lot of it revolves around “just do the bare minimum”, and that the only way to get real pay/perk increases is to switch jobs. Is this really true? Is there nothing I can do at my current workplace to get ahead and be highly valued? I have a huge spectrum of options at my work place in terms of the effort I can make. I currently put in a 5/10 in terms of effort and my boss is delighted with the output. I would really like some answers from the perspective of management, since after all they are the decision makers!