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Especially in situations like this where it’s quite possible it would cost less to go back to the basics of better pay and training to create willing workers. Maybe the initial cost was less than what they have to spend to improve things, but add in all the backtracking and cost of mistakes, I doubt it.
They wouldn’t use the word competitive though. They use that word for the lower employees, and its meaning is “we’d pay you lower if we could”. Well actually I guess for a few hundred they did just that by going to zero. Nothing can be done though, line is all. The joke at my work is about the company stock price. All praise stock. We don’t see anything from it, but it’s glorious.