Even if you're a savvy manager who is totally on board with this idea, you have to work within the rules HR gives you. There are lots of companies that cap prom

Even if you're a savvy manager who is totally on board with this idea, you have to work within the rules HR gives you. There are lots of companies that cap promotion raises at 10% and need VP level sign off above that. How many companies allow a manager to make a habit out of 50% raises - not just for the once a generation talent who made the company 10x their salary this year, but for "pretty good" employees who are progressing as expected? For whatever reason, letting them walk and paying that same 1.5x salary to a new mid-level hire is easier for everyone to swallow. And from the employee's perspective, saying "yes" to a recruiter who expects to pay market rate sounds like a lot less hassle and stress than preparing a presentation on why your current company should change or make an exception to its HR polices for you.