Comment by robbiewxyz

Generally I understand the missing factor to be a control thing.

Th power structure that makes up a typical owners-vs-employees company demands that every employee be replacable. Denying raises & paying the cost of churn are vital to maintaining this rule. Ignoring this rule often results in e.g. one longer-tenured engineer becoming irreplacable enough to be able to act insubordinately with impunity.

A bit bleak but that's capitalism for you. Unionization, working at a smaller companies, or at employee-owned cooperatives are all alternatives to this dynamic.