Pay More or Watch Them Go
With unemployment at 4.3% including all skills levels and character traits, at the middle and high range it is zero in both metrics. This screams: demand for talent outstrips supply. A supply-driven market and smart employers better up their game or else lose best people first, second tier right after, and get ‘stuck’ with bottom performers.
Since counteroffer doesn’t work on the long run (rushing to offer more to the departing employee to keep them), get ahead of the game and make all forms of compensation more attractive, even exciting, to the people you want to keep (read ‘Love them or Lose them’).
Since appointing a committee to make recommendations/decisions is the best way to do nothing, resist that impulse. Put on your boss long pants (whether of the male, female, both, confused or in-between) and show your valuable (if invaluable, why do you keep them?) employees appreciation with deeds, not just words.