The problem with this, in a broader sense, is companies can play this game endlessly and it becomes a race to the bottom. There will always be someone without a job willing to do your job for less than you are being paid so they can feed their family. It is a rare individual indeed who can claim they are uniquely qualified to do a given job and thus demand a high wage because almost no one else can do it.
So, someone out-competes you for your job by being willing to do it for less. Now you cannot feed your family so you agree to do it for less than that guy.
Round-and-round it goes till you are working for a pittance.