They may move in tandem, but they are not in lock. If there is a shortage of talent even without inflation, your market rate will rise. Likewise if cost of living increases, but there is a surplus of talent—your compensation can still fall.
Almost anyone browsing this board makes far more than the cost it takes to “live”.
True, but rarely will a current employer keep your salary at the market rate. You have to jump ship to get the market rate.
I doubled my salary in July by jumping ship. My old job was way under market rate, and management knew we were under market. They'd rather have turnover than give raises to keep up.
For the past 10-15 years, the market rate has far outpaced CoL—yes even in the Bay Area (assuming FAANG-like companies and startups)
They problem is if you stay too long, you no longer make market rate and HR "can't give out X% raises" to get you to market because of some arbitrary made up BS rule.