Pilots are beginning to realise that 'quality of life' is paramount. The work load has increased significantly over the years, and the retirement age has retreated over the horizon. To many individuals quality of life is more important than a few more net earnings. What pilots need to be careful about is not selling too much of a respectable minimum basic package in return for this desire; i.e. not allow themselves to be exploited. There has been too much of that in our vocational career already.
The legacy carriers will need to realise that throwing money at the pilot shortage problem may not solve everything. Guys will not want to relocate from the regions, and their own home & schools etc., to a higher cost housing area and new schools. The extra dosh may not be worth it. But if the legacy carriers offer a tempting package and can have a flexible roster system to allow sensible commuting then I suspect many will be tempted. I have few mates who commute from the continent to LHR for BA. No bother with their staff travel. From what we hear there are many in the LoCo world who endure a very anti-social commuting life, anyway, driven by unsympathetic rostering. Perhaps the LoCo's will need to make their rostering policies more flexible and employment conditions more transparent.
We've heard on many who have resisted the greener grass of the desert or China for personal/family reasons. However, I know of a couple of pilots, one gone to the desert and one to China, and they tell stories of the streets being paved with gold. Good for them. But management will have to acknowledge that money is not everything and pilots will choose a respectable balance with work/family over the lure of mammon, but there are limits to that being abused.