[rmc]

Sure, the management matters, but how do you convince a prospective new hire of what the manager believe? You are then limiting your possibilities for new management hires.

Other non-financial industries use money aswell. Doctors for one.

[ameister14]

That's where brand management and PR come in. Plus if you foster a certain environment in your company when someone comes in they can feel it.

Actually the medical profession is an interesting example. Doctors get paid very little initially and don't move often.