Feels like they are missing the obvious one - new employees have more leverage than existing employees. If they are hiring that means they need that person. Th

Feels like they are missing the obvious one - new employees have more leverage than existing employees. If they are hiring that means they need that person. They also have to get them over the bump of joining. Old employees they just have to pay enough to stay. Staying involves doing nothing, switching jobs involves making decisions and taking risks. It always costs more to change something then it does to let it ride on inertia.