From nabraham's post [0], it seems that this is actually the result of completely transparent salary information. The firms are all in lockstep because they can

From nabraham's post [0], it seems that this is actually the result of completely transparent salary information. The firms are all in lockstep because they can all see what each other are paying and adjust to the same number. I'm not sure collusion really applies to that type of scenario, especially when the net result seems to be that employees get paid more, not less. (A raise in salaries at one firm will cause an equivalent raise in others, because they're afraid of missing out on talent.) [0] https://news.ycombinator.com/item?id=9448562 https://news.ycombinator.com/item?id=9448562