I find it’s useful to consider all the angles until one does make sense. In this case, enforcing miserly annual increases does make sense if only a small percen

I find it’s useful to consider all the angles until one does make sense. In this case, enforcing miserly annual increases does make sense if only a small percentage actually do leave for increased pay. I personally find this to be true in my own network. Very few developers I know job hop to increase pay. Most stay at companies for 5-10 years. From management perspective it’s unwise to pay more than you have to. And if management is competent, then the departure of a few should not be a hardship. That’s a big “if”. Now, the great resignation may change this calculus, that remains to be seen.