Certainly everyone has the responsibility to make sure that they like the deal they entered into and ask for more compensation when appropriate.

I think that good management realizes that things will end badly for them if they don't compensate employees well, but I for one though have never seen a corporate dashboard that tracked how fairly the developers are being paid. Management often seems genuinely surprised that they can't just replace the talented technical person who left and that they can't hire top talent for median wages.