Here is gist what I could make:
1. If you took 4 performance reviews, and gets promoted in last review, you compensation formulates to be - New Base + Last 3 Raises (Meets Expectation) + 1 New Raise (Exceeds Expectation) 2. If you are doing just fine and get meets expectation, you only effectively get 3.6% increment yearly (using the $180,000 example) 3. I still cannot see how people get compensated for their long tenure.
[1]: https://medium.com/marker/a-public-and-transparent-formula-for-engineering-salaries-ethena-3786661fa1df