Yes, companies need to be way more aggressive in keeping current folks and changing their pay bands quickly in these situations. The problem for much of big tech is that the managers hiring have no real control over the pay bands so it’s left to folks who tend to not be in the software engineering group and do pay ‘studies’ that take a long time to show they are competitive in calculating their pay bands. This works until it doesn’t, then by the time you realize you lost people and can’t hire fast to replace them, you’ve fallen behind your competitors