It's almost beyond unreal. In the past two weeks I've had multiple discussions about promoting staff with 1-3 years of experience in this, their first job out of undergrad, into positions that have typically required 15-20 years of broad industry experience with various responsibilities or accomplishments (successful P&L management, regarding in their field, etc.).

My management has basically just shrugged, "it's the market right now" without considering any long-term ramifications. I'd almost be fine with it if the rising tide lifted all boats, but it seems to be highly particular to the incoming <5 years of experience people.

Before too long, I'm going to end up working for people who know almost nothing, and don't even have the experience to know it. That'll be the moment I retire.