The shortage is a myth...its a pay shortage.
The market will clear, but you are correct in that to induce supply price must rise.
It will consequently take a period of time for a noticeable change to occur.
However the more acute the more obvious it becomes.
For those practicing the dark art of IR/HR the realisation that their models for recruitment, remuneration and indeed employee control no longer are valid will be a painful process. Heck they may even have to treat people with respect, not just weasel words...