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Why do these companies never get it? You want to retain talent… you gotta pay to retain that talent.
More accurately, you want your experienced and proprietary-knowledge-laden people to not take that stuff elsewhere…. Gotta pay them what they’re worth.
Can’t keep lowballing the pay raises, and expect people to not shop around,
Sure they can, so long as they can ensure they have a high-placed government stooge or two to ensure they can legally blacklist an employee from the industry if they leave.
He who lives by the free market shall die by the free market
Bingo. Letting people get strong armed into these sorts of "agreements" is a perversion of free markets.
That's the thing though. They don't want to best talent. That is the point. You have to pay for talent. Talent tends to rock the boat and has the power to spark change because the company becomes reliant on them.
Most companies are completely fine paying much less for mediocre workers who will keep their head down and deliver a mediocre product where the execs get a way better profit margin and can perpetuate toxic systems.
Oh, no, that fact is exactly what they pull shit like this. They HATE that fact and will pull any underhand tactic to fight back against it. Noncompetes, union busting, collusion, monopoly building, whatever it take to pay their employees the least amount possible.