A huge raison detre to create and sustain a "firm" in the first place is stability. That stability extends on all fronts - stable base of customers, stable base of revenue, stable base of shareholder returns, and stable base of compensation for employees. Therefore, it is expected that there would be some looseness/slip/"irrationally high" or however you want to think about it, in the salaries. An early-stage startup by comparison is dealing with a different problem and purpose.
That’s a thing the corporation does, I guess.
I’ve had cushy jobs that the author is mistaking for “all jobs”, but my experience is that these places are in decline and when layoffs come, get ready to work hard if you want another job.
Especially once the org is old enough that the 2-year tenure people start to be in the 50th percentile of seniority.