An interesting article, I've subconsciously agreed with this in my life, but I've also seen (and encouraged in my companies) change here.
My policy is to fight for lower-salary employees to get closer to 10% raises if they are doing well and gain provable skills. I think the primary issue with job hoping is that 2-4% raises do not match with market value, especially for the first 5 years of a technical career. Eventually it might reach this level (year 10 vs 11), but certainly not the first few years unless the individual is not growing.
