The solution for employers is simple.
Pay more, and pay significantly more. If the CEO and or executives and ownership need to take a pay cut, that's a sacrifice that needs to be made. Be more flexible with hours. Work life balance is important. Happy employees are more productive.
At my place of the employment in my position we have an open position we haven't been able to fill the position. My bosses asked why we can't get any quality applicants, I told them starting pay is way too low, I've told my bosses bosses the same thing. Unfortunately it's a corporation, so News and facts trickle up very slowly.
If your business cannot afford significant pay increases then you're probably then your business likely isn't economically viable.