Problem is, that works early in your career, but you're not going to see 20-50% pay jumps when you're 45. You will eventually hit a compensation ceiling for your particular role and start seeing 3-5% bumps, then eventually 0.5-1% bumps. In order to get big pay jumps for switching jobs in your late (15+ yrs) career, you are going to need to level jump, too.
I have strategically jumped to gain skills and a higher salary. My current job is, to me, a unicorn and I plan on staying put for a while (even if there wasn’t an equity component). I think I have mostly hit the ceiling for my years of experience and skill set, but I like what I’m doing so I don’t mind.
