It's more of a compensation thing though, I have yet to work for a company that increases your salary at about the same rate as their new hires' salary. So you end up with this weird scenario where I have a job that I like, but I get +10k for switching after 1-2 years.

For some FANG companies that even works for promotions, they won't give you a promotion, but if you leave you can be re-hired at the next level after ~1-2 years.

For FANG, even if you get promoted, you are still financially better off leaving and getting rehired (or hired at an equivalent level elsewhere) with a new compensation package at the new level.

The problem is that the day you are promoted, you don’t actually make that much more in TC because so much of it comes from equity, which is only updated once a year and stretches for four years. Thus, it takes up to four years to hit the steady-state comp at the new level. In contrast, new hire packages need to be competitive for folks who have already been at their level for many years.

This is my point though. You are only valued until you have signed on the dotted line.

As soon as you have done that, they give far less consideration to you.

New recruits can get a far better package than people already there. Your replacement will get paid more than they were willing to pay you.

The worst of it is the time spent by the remaining team, interviewing and re-training thanks to the constant churn.

Or that we are a highly valuable and mobile workforce who are constantly on the lookout for more lucrative and interesting roles.