Rewarding seniority works if you have a fair system of performance management in place. Assuming your tenure at a single company is directly correlated with your ability to perform well, and grow and improve your value to the company over time, it would make sense.
That being said, when somebody finds that fair system sustainably in place at a company, let me know. Fair and accurate measurement of an employees performance, free from bias and favoritism ... I'm just not sure that's how people work.
False dichotomy. It doesn't need to be free of bias, just bias shouldn't be completely insane like "you must change job every month". In fact there should be bias for merit, but instead employees are uniformly undervalued.
That being said, when somebody finds that fair system sustainably in place at a company, let me know. Fair and accurate measurement of an employees performance, free from bias and favoritism ... I'm just not sure that's how people work.