
Stop protecting lazy non-performers, it's embarrassing, and it limits the growth of others who are held back by incompetent clock punchers.
Compensation is low compared to most companies. Once you are in there are only small raises, and almost no openings laterally or advancement, so little opportunity to make more. Shining in your current role affords little benefit, and goes unnoticed.
Stop virtue signaling about diversity and such, and actually listen to the sound of good people walking away for other jobs. You are promoting a culture of non-performance, and the most motivated are stuck until they opt to leave to make more money.