In a situation where companies underpay, and the only way to get a raise is jump shit, how could you not expect a mercenary culture?
There are evolutionary flows through the work force that don't require this (moving into leadership positions) but as they mentioned, generally hiring into the top levels comes from a tight circle of people, having gone to the same school, or some other such limitation. So if you didn't go to Stanford, what's your play?
I could understand why someone running a company wouldn't want to address this, but paying your engineers solidified salaries while company profits rise, and possibly with limited amounts of share in the company, is a good way to guarantee that they'll have to jump ship at some point, just to keep up with inflation.
The only thing to look for in a company, in my eyes, is how well they pay their employees. They can glad-hand all they want about open workspaces and ping-pong tables and catered lunches, but none of that matters. Show us the money.
Salary envy is just a minor side problem of that approach. One of the bigger issue is that bad managers surround themselves with yes people, compounding any possible damage.
You shouldn't get to be an officer unless you were first enlisted.