Sadly true. In my earlier years I watched new hires sometimes start at the same or more than I was getting after 1-2 mediocre raises.

At one of my last longer term jobs, I was miffed at the lack of compensation increases over the last 2 years, so I told them I was quitting. I even said I don’t have anything lined up, but I just can’t continue knowing the market is paying more. They ended up magically finding a 20% increase for me - where was that before?