I'm pretty sure it's both. The problem with a company being both is that it generally seems very hard for companies to promote to market value. This makes sense to a degree when you consider that the company has to be a bit discerning as to what it trusts in those negotiations. I can say I've gotten an offer for anything I want. I can say the going rate for my position is what I see being offered on the market, even if I might not be hired for those positions. There will most likely always be a tension between what a company thinks someone is worth and how they value themselves, so there will always be the risk that someone believes they can get more elsewhere. I'm not sure overpaying would even help this, people might just adjust perceived their self worth accordingly.