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I just don't think that's true. If people worked there because they were desperate to work there, they wouldn't pay industry-leading salaries.

That doesn't follow. Once people work there, they don't want those people to leave for Facebook et al. so they have to compete on retention.

Sure it does. Retention is discounted if people are desperate to work specifically at your company.

(Not commenting on the underlying discussion, just the particular logical point.)