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You answered your own question. Want to retain and attract employees? Pay us more. The pay inequities between the owners and CEOs of businesses and their employees should tell you how to fix the problem.

If an employee can live on $25,000 a year, then so can a CEO making millions.

If you value your employees, stop paying them with lip service.

Your company is making more money while jobs go vacant; give your current employees temporary raise, or bonuses, for what you'd pay the empty positions.

The answer is "pay more". Especially when other places are paying more to do less work. The pay should match the work ethic, and it doesn't.