In this case, yes. But that also depends on who you want to retain.

If you want to retain folks that treat their work seriously, and in a craftsmanlike manner, it's important to provide a structure that incubates and rewards that.

We've really reached a point, in tech, where we're in a "death spiral." Companies treat their employees like crap. They may pay them well, but they treat them terribly. This means no loyalty, so the employee feels no issue with leaving as soon as the grass looks greener elsewhere, and the management feels justified in looking at their employees as "disloyal," or even "dangerous." It's a classic negative feedback loop. Money is the only meaningful currency, so people flit around, jacking up their salary, and looking at each company as "just another job."

The people that need to start the change, are CEOs (and shareholders). It's difficult, because "blinking first," seems "wussy," and also, it's pretty much certain that employees would continue to act the way that they do now, for some time, until a new culture gets established. That time, may be enough time to kill the company, as their more rapacious competition eats their lunch.

I was lucky to join an old corporation that had a long-established tradition of retaining top talent. Not sure if you would be able to start a new one, with a similar ethos, these days.