As long as I'm pontificating...
Sometimes it isn't always about the money.
The last job I was at (22 years), the last three years were absolutely unbearable.
Management changed and the new boss (who just happened to have a Ph.D and also insisted on being addressed as "Doctor") was borderline incompetent and started demoting supervisors and replacing them with people that had degrees.
Fortunately I was somewhat insulated from this person as they had a "closed door policy" (who the F has that?) and only took audiences with "direct reports". The information exchange went into the toilet as everyone became afraid to tell the truth, and simply agreed all the while failing to achieve success, and instead looked for scapegoats. No feedback was ever asked for and any that was volunteered was immediately cast aside, sometimes accompanied by verbal abuse.They also changed their purchasing criteria from genuine analysis (which was one of my responsibilities) to basically buying whatever the salesmen recommended.
I took about a 40% cut to come to work where I am now and was happy to do it. The atmosphere is night and day. People are actually happy here and truly appreciate each other. I did get the maximum raise the past 3 years but this year they were able to get me straight, almost what I was making before, less responsibility, more variety, and a hell of a lot more friendly and open.
My wife can tell you the exact day I stopped saying the word "IDIOTS" when I came home from work.
That old boss lasted a total of 5 years, and the person they installed to be my supervisor lasted only 3.5 years, however that IT department is still in shambles. On my watch, my portion ran basically on cruise control and we adapted and adjusted as necessary. I always had an "open door" policy as did my former big boss, and we freely accepted ideas from anyone and gave them credit when due.
I occasionally run into people I supported in that previous job (there are many and some have Doctorate degrees), and 100% of them, without provocation tell me how awful the IT department is now, how no one answers any questions, how a lot of stuff simply doesn't work, and how much they miss me and my crew.