Recently my company conducted a "climate survey." One of the items that came up over and over and over again in the climate survey--and not just in IT--is that we are underpaid compared to other similar companies in our geographic area.
So what did the PHBs do? Decide that they obviously weren't telling us enough about the salary survey that they use that shows that we aren't underpaid. This despite the fact that people in my department know what programmers at other companies are making, and it's consistently 10-20% more for the same level of experience and responsibility, whether a mainframe programmer, VB code monkey, or DBA.
The trick is, they figure in the extra sick time (that we're not allowed to take due to deadlines), the pension plan (that we will never see because we'll get laid off before then), the 401(k) (that they no longer match contributions to), the health insurance (same as everybody else in town), and the free parking spaces (w00t) into our "compensation." So they underpay us, and then say, "Well, you get 15 sick days a year, nobody else gets that!" Uh, yeah, and the last guy I knew that took double-digit sick days a year got shitcanned...what's your point?