> They value you exactly as much as they're paying you, no more.

Define "they".

It is sometimes useful to think of an organization as one actor, but this simplification can break down. For example, a great developer may get noticed and recognized by her manager, but said manager may have a difficult time making the case to bump her pay due to organizational dynamics and policies.

My point: different parts of the organization may value you differently, each with different abilities to 'compensate' you, whether it be pay, benefits, project flexibility, work-life balance, skunk works, or the option to not be anywhere near Chris.

(No offense to people named Chris intended. Unless, well, you are that Chris.)