I used to work for over 6 years in company with 200+ employees, where only 30 people were developers. Why? Well, mainly because it was - at the time - hard to find a good job in my town, and this company trained me as specialist in not-so popular in my country programing language to maintain hermetic, monolitic and ogrish system.

They paid moderately. It was not-so-bad salary if you were looking at earnings in town, but it was low if you would compare it to other cities and other companies.

But it wasn't the main reason I left and find myself a new, better, job. Yes - financial reason was important but only as last nail to seal the coffin (so to speak).

In my previous job I was told I am needed, but no one from mid and higher managment act like it was so. When they insist to tell them about problems, when they ask about solutions, when they thrive to change, you give them all of that just to hear you are a nuisance - you became frustrated. And when your frustration level reach certain point - you quit. Took me four years to make this decision (I've got very high boiling temperature).

I don't know how other small and medium sized companies keep people longer than 3 years, but my current employer act immidiately as I ask for tools or suggest changes. Owners, co-CEOs have direct contact with team all the time. People don't work in stress ("something happend on production? well, that's rather bad news. Fix it, please, and avoid those errors in the future. Hey! Anyone for darts?"). And hey - they pay better which is good thing (despite everything you may say - you sell your most valuable thing - hours of your life, it's rather smart to sell them at proper price). And they keep working this way for 13 years. With 30+ people.

Turns out - you can.

I used to work at a place that was able to hold onto a sizable proportion of its technical talent for many years at least in part by allowing remote work.

In the minority of cases this was an in-office employee who went for remote either indefinitely or for a period of a year or two so they could go live somewhere else.

In the majority of cases it was someone in another location who was hired. They had the option to move to where the office was (including help with the visa system if necessary) or just staying where they were and working remotely. If a person is particularly attached to where they currently live and that area happens to have relatively modest employment options for technical people then chances are you will retain that person for a very long time.

I would note that whether retaining staff for 5+ years for reasons like the lack of similarly well paying options elsewhere is somewhat debatable. Holding onto staff for a long time is not in and of itself always a good thing.