This is a great point so many companies don't seem to get. The company I worked for previously thought their pay was "competitive" because they kept people at median of market. Company before that, same deal, I was paid a "fair" median salary. Turnover at both companies was very high as you'd expect.
I don’t think they recall that a 50% is a failing grade in every class and on every test they ever took.
also remember that median always exists so it will always be a case that there is 1/2 under and 1/2 over.If all companies paying median raise that by 20% what is a current median?
Found the MBA. /s
Counterpoint: there are always a certain number of companies that will fail in the near future, so the median salary among viable companies is probably higher than the overall median.