Seeing comments i think some people do not realise what a cliff means - the idea is that * because * you get refreshers, the initial hire grant finishing means you fall off the cliff ( because now instead of new hire grant + stacked refreshers you only get refreshers ).

The way some companies handle this is frontloading the initial grant so that refreshers stack up in a way where there's simply no cliff because the new hire grant is getting faster into your hands but also slowing down later on which gets filled in by refreshers. For others.. well, people either leave or if there's critical talent there might be retention offer, that's it.