> Leaving out "hours worked" or "Value provided" is going to create a race to the the bottom. If my salary is now capped by my peers then I may as well instead

> Leaving out "hours worked" or "Value provided" is going to create a race to the the bottom. If my salary is now capped by my peers then I may as well instead work less / less hard. For the vast majority of employees, this was always the case. For my entire career the only way to get a raise commensurate with your value was to switch companies. After 6x job changes over 8 years + a 4 year stretch at the latest firm I've increased my compensation by ~10x. The most any manager was able to get me for a raise in 1 year was ~10%, and that was in a year that the standard tech salary went up by 20%.