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What about the information asymmetry inherent about you knowing what your abilities are, and the company does not know?

If you've ever hired someone, you'll find out about this asymmetry.

Indeed, I've hired many people. The nice thing is that as an employer in most of the US, you can just fire them for any reason or none at all. I don't think the possibility of doing multiple interviews only to discover that the candidate you've had ample opportunity to question is actually a complete incompetent justifies underpaying/attempting to underpay the rest of your, presumably competent, employees. I promise you, if you stop structuring compensation with the assumption that your employees are worthless, you'll stop getting so many incompetent or recalcitrant employees.

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