I like this site. It's also depressing. I see that new hires at my company are making substantially more than I was at that level, even accounting for inflation.
If you’re on the seller of labor side of the transaction, you should be happy labor is selling for more. Typically if new hires are getting paid more, then experience people will be getting paid more too.
At my current company, we're experimenting with adding a market rate salary review component to our regular performance review cycle - we have a target salary percentile (based on years of experience, skillset, location, etc with aggregate market data from PayScale) for where we start new hires in a given role, and if for whatever reasons the market shifts upwards and leaves someone on staff below the new-hire percentile, we adjust upwards. We hope that regular pay increases, incentives, etc mean nobody's compensation ever falls lower than market rate after they're hired, but we also want to make sure we have a mechanism in place to correct if it does.
In general that would be true. The problem for me is that it requires switching companies. I'm not able to do that since I naively did the jobs I was assigned. Now I'm a Neoxam and FileNet resource with zero prospects.
