>It's easy to write a blog post about how companies need to pay more, but hard to reconcile the reality that if they don't have FAANG cash flows, "market rate" for developers may not be viable, regardless of management's good intentions or lack thereof.
Working for less than market rate is a misallocation of labor. Of course this is under the assumption that your skills are not far below the average developer. If the market rate is high, there are more profitable companies out there that need the labor more than your business, taking labor away from those companies is a net loss for everyone involved (your own company loses potential customers, the worker loses out on salary, the competitor loses out on labor).
Working for less than market rate is a misallocation of labor. Of course this is under the assumption that your skills are not far below the average developer. If the market rate is high, there are more profitable companies out there that need the labor more than your business, taking labor away from those companies is a net loss for everyone involved (your own company loses potential customers, the worker loses out on salary, the competitor loses out on labor).