Ya know... People mock this, but in my decade plus of experience managing people, and in much of my career before that, the pay really isn't the issue in a lot of cases. Quite often, people will leave in spite of higher pay when their bosses suck, the team culture sucks, and if they feel disrespected in general.
Now, the idea that a ping pong table at work makes up for a poor working environment is absolutely stupid (and I've seen this exact thing done in one of my old jobs).
But simply giving people raises hoping they stay is insufficient.