I've noticed that unless you live in a city where one can switch jobs in under a week, not have to re-locate, or take a big hit on the commute, companies know (knew? At least pre-COVID and rise of work from home) that they have the upper hand.
Even in countries with extremely strong labor laws, companies are not shy to pull every trick in the book to drag out promotions. I've seen examples where it took close to 12 months for someone to get their promotions finalized, and thus a new tittle/higher pay. It took that long time because the employer knew they were the highest paying in the area (albeit underpaying the employees in question, due to not having received promotions in years), and very much locked to their jobs.
When people get established with a mortgage, family, and what not, it's much harder to just drop everything and move away for some extra bucks. So my advice to young devs / engineers would be to do as much career climbing as you can, before you settle down. Once a company knows there's little chance of you leaving, they'll slow down things all over.
As you get older there is diminishing returns on getting better. There is a big difference between someone fresh out of school and been there for 1 year. Between 1 and 2 years it isn't as big, but still important. Between 10 and 20 years there is very little (at 20 years you should have forgotten something that is no longer useful). By 40 years your mind is probably in decline...
Even in countries with extremely strong labor laws, companies are not shy to pull every trick in the book to drag out promotions. I've seen examples where it took close to 12 months for someone to get their promotions finalized, and thus a new tittle/higher pay. It took that long time because the employer knew they were the highest paying in the area (albeit underpaying the employees in question, due to not having received promotions in years), and very much locked to their jobs.
When people get established with a mortgage, family, and what not, it's much harder to just drop everything and move away for some extra bucks. So my advice to young devs / engineers would be to do as much career climbing as you can, before you settle down. Once a company knows there's little chance of you leaving, they'll slow down things all over.