it's also a safety issue. the shitty "compensation" and resulting high turnover, means very low-skilled workers are doing the safety checks, re-fueling planes, making sure the baggage hold is properly loaded and secured. if the jobs paid more, they would attract better, more dedicated workers.
but as with all public companies, the responsibility is solely to the shareholders. cutting costs is mandatory for execs, as doing otherwise would not maximize profits. so the airlines don't need to make any changes until their cost cutting results in a pr disaster large enough to affect revenues, for instance a preventable malfunction during flight.
this isn't about corporate solvency, or the ability to remain profitable. this is about maximizing profits at the expense of everything else, which the ayn rand fanatics view as a moral pursuit.