Créate the conditions where people WANT to be working. Easy to say, hard to do.
But if you look at it through lenses of a great employer you should not be seeking retention. You shouldn’t be throwing money and benefits at employees.
Don’t offer cars with long complex contracts which handcuff employees into staying with you. Better is having a clear purpose, one that people can align it and have the will power to work towards. And then make the environment great, in terms of culture: a place where people are empowered to contribute.
Avoid retention initiatives and instead focus on great culture.