Sure there is. There are companies that are going to go out of business if they can't hire.
> ... just offer higher compensation or better working conditions
Not if they are a startup and simply can't. They only have so much funding. And besides that, it's not even a question of offering more. It's a classic low supply and high demand situation. Only those with the most are going to win the bid in the end.
The rest will go out of business for failure to hire. That's the crisis.