The raise is to overcome laziness and inherent risk (new boss and coworkers might be incompetent and unfriendly). As long as the wage gap is less than the requ

The raise is to overcome laziness and inherent risk (new boss and coworkers might be incompetent and unfriendly). As long as the wage gap is less than the required "risk/laziness incentive", rational employees will not leave (=> small raises are presumably enough to achieve that). (personal perspective)