This may work for tech, but I'm guessing there are quite a few other industries with low volumes of h1b applicants/workers which could utilize a "bidding system" to hire well below market rate due to decreased demand when compared to tech.
$150k cap across the board ensures that all industries are kept honest. A bidding system can be added on top of that, if needed, but this extremely simple fix would ensure that the system fulfills the original goals it was created for, while adding no bureaucratic overhead.
No controls for any other industry - if you want an H1b, bid.
So anyone who desperately needs someone on a visa can get them. Low-end body shops go away and a bunch of industries that are being cheap don't get their visas. This is called a good thing.
There are many sectors where hiring managers want degrees and other certifications and pay minimum wage or damn close. Then they complain about worker shortages.
This is all solved by higher pay and better conditions, but people want to bring in indentured servants as it's easier. As someone who has run businesses and bootstrapped, that's utter BS.
Australian here, but had similar ideas about the visa situation in .au however I think you can't just do a +X% of "prevailing wage"
If the prevailing wage is calculated based on an average, you will find big business will get lower payed workers bundled in to the industry average (i.e. apple has retail staff, most companies have call centre staff, all have janitorial staff, etc) and the "prevailing wage" will be significantly lower then it should be.
If its based on job title you will just find every visa holder will have a "lower" job title (i.e. Junior rather then senior) that gives the companies a way to pay less.
Thats before factoring cost of living between various locations.
Special interests will ensure that the prevailing wage is drawn sufficiently lower then it should be.
I think it has to remain a static value (adjusted for inflation) that is quite high (e.g. $180k->$250k AUD for Australia), enough that anyone who a company will pay that much would almost certainly be a world class employee, and if someone is worth that much, then I can't see how they wouldn't be a benefit for both the country / economy, employee and the competitiveness of the company. I have no issue with this being an unlimited visa class, and should be able to be streamlined for a much quicker approval (i.e. has the company signed an agreement that they are paying $X per year?, if yes its approved pending health and security approval).
This allows companies to hire the best in the world, while not allowing them to drive down salaries with similarly skilled employees. Additionally if there is a shortage it will ensure there is some pressure to train / develop employees, innovate, automate, etc, but providing a pressure relief if needed (if supply and demand becomes unbalanced enough that people are willing to pay $180k for janitorial staff, then economically they are needed).
$150k cap across the board ensures that all industries are kept honest. A bidding system can be added on top of that, if needed, but this extremely simple fix would ensure that the system fulfills the original goals it was created for, while adding no bureaucratic overhead.