There’s hardly a millionaire CEO in the country who wouldn’t argue that high wages are necessary to attract the very best type of CEO, such as his own self. Paying less would leave the stockholders at the mercy of a less competent and less efficient steward entirely.
But not a one of these CEOs, obscenely overpaid or merely grossly so, would extend that argument to the workers on his shop floor. Only a fool would think that higher wages might attract better employees, more efficient, diligent and reliable. Somehow the laboring classes do not respond to the motivation of larger paychecks, while managers would hardly exist without it.