I've left a dozen or so jobs over my entire life. One because the job was eliminated, five or six because school was starting/ending, one because the manager was a prick, and the rest exclusively because I was offered more money.
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So... this is pretty stupid, a raise in pay certainly might help.
However, from the perspective of a career spent managing teams, often organizations with hundreds of employees, if you think your people are all solely motivated by compensation, you're going to do a very poor job as a manager.
Everyone wants more money, but that's not all they want -- and there are plenty of people who quit high paying jobs that treated them poorly or gave them no opportunity to grow.
Think about appropriate compensation as necessary, but often not sufficient -- and think about the best boss you ever had. They probably did more than just pay you fairly, that's the bare minimum.
What the list needs is "fire their toxic manager" or "ask them what they need to be happy and successful in their career"
Seriously. Another comment pointed out there's "not enough money" and "enough money" for wages. Depending on which side you're on money may not be the reason someone quits. My previous job paid me enough, but the business partner was so dangerously incompetent, reckless, agressive, and unwilling to do their own job that I quit out of frustration. I made it very clear to my boss' boss that it wasn't about money, and I wasn't going to tell them what my new compensation was. It isn't his business. My issue was the business partner. Within a few months a few other people quit working there too for the same reason.
It is pretty simple. Respect your employees and they will respect you. Respect starts with valuing the employee's contributions by paying them a fair wage. It continues with treating them well. A way of treating them well might be a point ping table, but that comes on top of a fair wage, not instead of.
A good manager might recognise a hard working team needs a way to relax and gets a pool table or something. The employees are happy and tell their friends they've got a pool table at work, everyone is jealous. It seems like the pool table is the reason but it is just a symptom of them being generally treated well.
I'd stay with a job I hate for more money
I never thought that CEOs might plant a seed that a "cultural change and approach in HR" and falsified stats papers would be the new meta to keep payroll low.
Is it a ping pong table full of money?