Oh, I think they should definitely adjust. But it should not be adjusted by employees or between employees but rather by the business, to serve its goals (retention, productivity, etc...).

I think in these situations, the employee should ask himself: "what is good for the business?" rather than "what do I want to do?".

The answer often is "what is good for employees is good for the business". This is a known recipee for success that rarely gets implemented because of greed and shortsightedness

It's also true that "what is good for the business is good for employees". So it's a two-way street that needs to be walked by honest employees and empoyers. Not possible in toxic cultures. So it's important to keep the toxic employees and managers (even shareholders!) out. This is what hiring should mostly focus on (not sure on how to keep toxic shareholders out, and businesses often rot from their heads down because of this)

You can usually weasel your way to describing a personal benefit as useful to the business, e.g. "I want a new chair" -> "I need a new chair to be more productive by being more comfortable", so I'm not sure this distinction is useful. In the end, you're still weighing upsides and downsides, just a bit more directly.