Employers used to promote internally, train and up-skill their people, and strive to keep them around for longer than the two to five year stint that seems to be the average in tech
Hiring low-level employees requires less vetting. Upskilling for more senior roles within your own company means you get to skip things like cultural fit (because they presumably already are), work history (it's in the employers own records), and references (that would be the coworkers and managers they already have).
Pay enough to keep the ones worth keeping (and increase it with time, to match inflation at minimum), upskill employees, and promote from within, and this problem should pretty well fix itself
Hiring low-level employees requires less vetting. Upskilling for more senior roles within your own company means you get to skip things like cultural fit (because they presumably already are), work history (it's in the employers own records), and references (that would be the coworkers and managers they already have).
Pay enough to keep the ones worth keeping (and increase it with time, to match inflation at minimum), upskill employees, and promote from within, and this problem should pretty well fix itself