Pilots (and workers in general), are a commodity. The supply and demand fluctuates. Due to a "perfect storm" there is a genuine shortage of FO's at the entry level at this time. Regionals can't fix this shortage through the normal process when there is a shortage of a commodity by increasing FO wages due to:
1. Labor contracts and the RLA.
2. FFD structure.
Also the new ATP rules changed the dynamics. Let's face it, if there was a shortage in the past it did not take long to crank out 250 hour wonder pilots to fix the shortage. Now... not so much.
The next several years will be interesting, especially for those regionals that burdened themselves with long term FFD contracts that leave them no room for an increase in costs. What will legacy carriers do as regional flights are cancelled because cockpit seats aren't filled? What will happen to safety as regionals struggle to fill cockpit seats and fulfill their FFD contracts? Heck, some are not even doing interviews. If you meet their minimums you're hired. Can anyone say Colgan 3407?
As for pilots not being attracted by the low wages, not sure that is even the case. Many of the "bottom feeders" seem to be doing okay by dangling the quick upgrade brass ring. The better paying regionals that have slower movement (I do break 100k before taxes), struggle to attract FO's for this reason. They would rather go to a "sweat shop", pay their dues and move on. At least that is the theory.
The next ten years will be interesting for the regionals. About the only thing I will say for sure is that we won't recognize most of the players in 10 years. Heck, many of the callsigns from 10 years ago are gone.
