Work in finance and it’s certainly the case here. Stay somewhere 3-5 years (5 being the MAX) then either get a large promotion at your existing company or jump to a new company. I got a 50% (not exaggerating) raise when I took my current job. When I move to my next gig I expect it will also fall in the 30-50% increase range. But it’s not automatic, I’m increasing my knowledge and skillset in the time I’m here to make me qualified for those types of bumps.

I can also say that in our budgeting for 2023, we’re factoring an average 5% raise for everyone next year, knowing that a lot of people won’t be happy with that and will leave. It’s just the cycle of how things are these days. You keep and promote your best people, the ones that don’t get promoted will leave and be replaced with someone (probably cheaper) then the cycle repeats.