I'm not sure negotiation is the problem. My company has not been making competitive counters to anybody I know who has left for two years. I feel like a lot of the senior employees are S tier, FAANG caliber, great developers but the company doesn't want to pay for that level of talent in the current market. I also think leadership is completely out of touch with the hiring market.

For example, I know somebody who was told to come with an offer if they wanted a raise. They came to their first line with an offer for 20% more plus more equity. The first line said they would match the salary, but ultimately some exec thought it was too much and only offered a 10% raise. The person left.