Existing employees are discouraged from sharing compensation info, so it is difficult to judge.
Employee retention doesn't seem to be as important anymore.
raise basic pay limit exec pay if they haven't handled cash
Benefits are touted as to why you're paid below market value. When you have employees who hold themselves and others accountable, you should pay them fair market rates. Many companies pay their employees fairly while offering similar benefits packages.
Don't drag it out so long. Be transparent about where your compensation numbers are coming from. Find a way to ask questions during the hiring process to assess cultural fit, especially finding people who aren't just in it to collect a paycheck.