>But it is a reason to leave the company because you can easily get 10% or more switching jobs.

Depends on the company. Mine is 100% remote since COVID, has generous benefits, a strict 9-5 M-F culture, and plenty of interesting work to do as much (or as little) as I have an appetite for. I make maybe 10% under market rate, but it would take at least a 50% raise to get me to leave. That's never happening, as it would be well over what anyone short of FAANG would pay for a senior dev, so there are definitely intangibles about a work environment that are worth more to me than another $15-$20k a year.