It’s really this all the way down. Even if your a top worker, manager, or sometimes even a founder. The next rung up the ladder is taking so much more of the pie that it just doesn’t feel worth it. I know of a major tech co that will only give out 10% if you work your but off and get promoted. You’ll never see a raise otherwise.
Ironically, with the advent of leaf code as the sole yardstick for measuring incoming engineers we’ve also removed any incentive for “working for the next job”.