Raises and promotions were a much more certain path for better compensation in his circumstances.
This guy might just ask how content you feel now, or are you already looking out for that next paycheck jump?
It seems a common attitude these days that all workplaces are temporary and ripping you off if you stick around. Such ego.
Someday these job-hoppers won't be so lucky to have such a market available and will wonder what happened. They might find out they're not as desirable as they think they are.
If loyalty was that valuable, companies should reward that appropriately by paying them at least as much as an equivalent new hire, maybe even more because they’ve been around longer. Or companies can prioritize putting their most long standing employees in leadership positions, valuing the insight and knowledge of company operations. There are a bunch of things that can be done that often aren’t.