There is no "shortage" per se. There are plenty of qualified pilots. There is a shortage of applicants at the regional level. Some of these regional airlines are so desperate, they are "interviewing" over the phone and offering class dates without any face-to-face interaction. Pilots are seeking better avenues of employment like military, charter, fractional, corporate, etc..... Airlines will never be 'forced' to increase pay, at least in a deregulated market. There will always be start up airlines every few years undercutting the current competition.
When more and more pilots fresh out of flight school/college become educated of pay and quality of life and in turn no longer apply for 25-30k/year regional airline pilot jobs, that will send a strong message to these management teams.