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From an economic standpoint, it’s business suicide to underpay people, because other companies will just bid up their wages and all your employees will leave. I once negotiated with a corporate board to increase the salaries of my employees about 20% after researching wages. https://twitter.com/Dracula30002/status/1086026907471233024 …
The business case was pretty simple – the cost of hiring and training just two out of dozens of employees was more expensive than granting them increased salaries
This is literally happening in my tech job, two of my colleagues left for places with higher pay, what are the rest of us supposed to think now we've seen we can do better? Why should we stay?
This is one of the problems with illegal immigration is that it constantly depresses new wages making it harder for poor people to climb up.
At my work yearly turnover is at 40%, mostly new hires who don’t stay. At the same time, it’s understood that staff who do stay and rise up the pay scale are seen as liabilities, particularly as they near retirement. I’ve always assumed this is HBS 101.
Why my company is not getting it?
#DumbMultinational
People don’t understand the cost of recruiting, training and maintaining employees. It is far cheaper to give a current employee a modest raise than to hire a new person for a little less money.
Larger employers set the pace. When corporations get liquidity injections equally, via the stock market, regardless of performance, the service goal then is set to meritocracy, by proxy. The corporate goal thus becomes an accounting game. And the general work force a front.
Just as it is axiomatic as it is praxeological - The Free Market!!!!
And that is what capitalism is. You want to make money? You pay for talent and loyalty!
There you go using logic again ... 
This is something I didn't understand until I had to personally start hiring and firing people. Finding and training new employees was incredibly time consuming. It's a disaster for a company to lose a good employee.
And yet almost all larger companies are still willing to let staff go.... purely because HR can't be sold on giving internal staff a huge pay increase. Much easier to buy dearer external unknowns... time and time again.
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