Is there truth in this? Why isn't loyalty rewarded with higher pay? Job hunting is the worst, it'd be so much better to stay in one place.

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Its not necessarily true. You have to consider your situation at a company. If you are in a growing practice at a growing company, you'd likely be better off to stay. If you are getting big opportunities to grow in your experience, you'd probably be better off to stay as you become more marketable based ultimately on what you can prove that you can do and not you last title. If you on the other hand have a crowded path above you or can get promoted immediately by switching companies, then you should switch. You have to play the hand that you are dealt in each situation to maximize your earning potential.

The most relevant skillset you can have in your career is the ability to sell your own value well.

If you can get good at presenting yourself, your comp. will likely increase. Also, more opportunities tend to materialize, and you reduce the risk of not finding a job.

Yes, obviously it's true because there are limitations with how quickly you can be promoted internally and how much those increases can be. It's in the firm's best interest to pay you as little increases as possible to retain you. Whereas other firms who have the need for your skills have no choice but to place a higher bid for them otherwise they won't be able to deliver the work that they've won for their clients. Meaning they are under pressure to get those roles filled fast with people that can deliver. At the end of the day we all work for ourselves. Your responsibility is to obtain the skills from your firm and sell it back to them in the form of a promotion and salary increase. If your firm isn't bidding on your new skills, you have to open it up to the wider market in order to market correct your salary based on the value you can bring.

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