While increasing salaries may seem like the obvious starting place, this can be the most expensive option
It Costs $50k to Hire a Software Engineer
Chuck Groom

And, while I wish I had a link here to prove this, MONEY, happiness does not buy.

Someone who will leave your company will leave it anyway, $50k salary or $150k salary.

The only “upside” there is the 20% time you’re paying them (at ~$75/hr) to interview until they find another job willing to also pay them $150K.