I believe that Market Competitive pay is not universal. It is just a very vague benchmark that employees use to calculate the compensation that they think they deserve.
No matter what the Market Competitive Pay dictates, employees, especially when moving from one company to another, see to it that they receive a pay packet greater than or at least equal to their current packet. This trend is irrespective of the prevailing market competitive pay of the times. One's qualifications, years of experience, brand value of the company etc have higher precedence here.
However market competitive pay comes into saner focus with respect to freshers and brand new employees entering a particular workforce. The market dictum is usually adhered to in this case and the deviation happens at a much higher level in the workforce.
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