I have over 25 years of leadership experience, leading teams as large as 200.
Money is no longer a sole motivator for an individual. I would focus on:
Benefits: Overall benefits including flexible time, unlimited PTO, and other perks can be added to augment pay.
Recognition: Consistent recognition programs that allow for atta-boy, at the time of a good job, rewards.
Feedback: Have a mechanism for easy feedback. With feedback, you should show results and note changes based on recommendations from the team to keep employees engaged.
Mutual team goals: Having a visible, team goal that all are working towards helps keep team members engaged for longer periods of time.
Mission: Have a mission that your employees are passionate about and hire talent that identifies to completing the mission. This will keep engagement high and assist with keeping employee longer.
If you are interested in a further conversation or would like help in developing an understanding from your current employee base what would keep them longer, please let me know. I am open to conversations.