> "the company itself will have to be more careful when hiring and take fewer chances both on people, products and strategy"
If employees getting a lower salary enables a company to take risks, doesn't that mean the employees are shouldering the risk?
It depends on how you define risk, or what angle you're looking at it from.
With lower salaries, the company can assume more risk, there's more room for failure. With higher salaries the employee becomes an increasing liability.
Just compare how hiring in France is, where terminating people is significantly more difficult, with an at-will environment like California.
Imagine if Apple had to pay $300K per employee what kind of a landscape that would be. Nobody but Apple could afford to hire anyone.