If you pay everyone more that gets expensive quick. Seems like it could be cost effective to give almost rock bottom raises and just replace the people who aren't 100% into it.
Let's say your work is dull, your line manager is a bully that shoots down most of your ideas and then takes credit for the ones that get implemented. All success is due to him/her all failures down to the team.
There is no career path neither towards management nor towards principal engineer/architect
The commute is 2 hours each way and there is a strict work from the office policy.
HR is known to not provide generic references but to ask your line manager to provide references
How much money would it take for you to work in such environment?
The point is that money is only part of what makes people happy, motivated and loyal.