Earlier quoted context omitted.
The current job market is punishing poorly run companies. It's too easy to pick up the phone and get a new job quick these days if you're unhappy, contributing to churn.
When does the market for engineers turn into a buyer's market? If the economy goes into recession or worse, do those playing hot potato get stuck out in the cold?
However, it's also difficult to find unskilled labor so the only alternative is automation. Just look at all the companies that won't answer a phone anymore and force you to do everything through an app.
So IMO tech wages will remain high for quite some time.