Yes! And a point that often gets missed out in this argument is that the value of the job to new and current staff changes as the organisation grows in headcoun

Yes! And a point that often gets missed out in this argument is that the value of the job to new and current staff changes as the organisation grows in headcount and complexity. It's easy to hire great programmers with plenty of experience, who manage themselves and make the right strategic decisions, when you've raised funding for a promising idea and you have enough equity to give them a substantial slice. It's a totally different equation when you have 1,000+ employees each doing small but necessary jobs, and you have practically no points left in your ESOP, especially since aforementioned talent expects a 20-30% raise every year. And good luck if you're a mid-size paper printing business in Ohio who needs someone to do integration projects.