Tons of people who could get more money else where wont leave their employer anyway. Laziness, inertia, dont know how valuable their skillset is now, fear of ch

Tons of people who could get more money else where wont leave their employer anyway. Laziness, inertia, dont know how valuable their skillset is now, fear of change, fear of asking for money, locked to specific area by kids school or spouses job, whatever. Company doesn't know which of their employees fall in to that group. So they could either regularly offer everyone raises that are competitive with job switching to keep the few people who would otherwise leave; or offer everyone token try not to piss them off too much raises and accept that they're going to lose some people who they otherwise would have been willing to pay more money to keep. Those with very ambitious workforces that are largely made up of people who will job hop tend to go with the first option. Plenty of people at FANG are getting 30%+ raises in their earlier years, you see it whenever people discuss salary. Other companies go with the latter.