Why does nobody talk about job hopping being the only way to get a raise these days

Honestly, I've been at my current property management gig for almost 3 years now and I've gotten like a 4% raise total in that time. Meanwhile I had a buddy who switched companies twice in the last 18 months and he's making 30% more than when we started together. I saw a posting for a similar role in Denver last week that had a salary range $12k higher than what I'm making now. My boss keeps saying there's no budget for bigger raises but they just hired two new people at market rate. It feels like loyalty is just getting me stuck while everyone else is jumping ship and getting paid. Has anyone else dealt with this where staying put actually hurt your earning potential or am I just being too cautious?

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scott.mia7h ago

That 4% over 3 years is brutal when inflation has been what it has. I saw a study recently that said people who stay in a job for over 2 years end up making 50% less over their career than people who move every couple years. It makes sense when you think about it. Companies budget more for new hires than for retention because they figure most people won't actually leave. Your boss saying no budget but hiring at market rate is a perfect example of that. They already know what you're worth, they just won't pay it until you force their hand with another offer.