People move when there is a better offer. Replacement hires come in at higher pay. Which means people who didn't move would also have pay raises (same role/leve

People move when there is a better offer. Replacement hires come in at higher pay. Which means people who didn't move would also have pay raises (same role/level, pay parity). Some companies colluded to stop people from moving [1]. Only a small fraction may have moved, but it would have had cascading effects across the industry. FAANG people get paid a lot more, other companies have to keep up, they may not match adtech/SV pay, but have to be competitive. I'd say everyone in US is getting paid 50K - 100K less per year because of this. This may seem high, but factor in nearly 20 years of cumulative raises. [1]https://en.wikipedia.org/wiki/High-Tech_Employee_Antitrust_Litigation https://en.wikipedia.org/wiki/High-Tech_Employee_Antitrust_L...