I dunno, nobody I know is actually looking to job hop. If you treat people decently, give them raises, train them, why would they have any incentive to leave?
Hiring somebody new costs 15-25% of the raw salary cost for the year. Pay people 10% more instead, no incentive to leave.
Plus however long it takes to ramp them up, could be 6 months on a reasonably complex codebase. And the time of other engineers both in the hiring process and bringing the new engineer up to speed. I’d say the cost of replacing an engineer could be as much as their entire first year’s comp.
Hiring somebody new costs 15-25% of the raw salary cost for the year. Pay people 10% more instead, no incentive to leave.