Very few companies get this.
If you're not developing your people, they'll leave you.
You see, companies are like communities.
If people don't feel they belong, they'll join another community.
These days, competing on salary is table stakes. There is very little margin to offer more. It's a race to the bottom. Competing on reputation only works if you have a brand like Apple, Google, Amazon, and Tesla. These things are at the bottom of Maslow’s Pyramid anyway.
There is something that everyone can compete on (but few do):
Personal development.
Personal development is at the top of Maslow’s Pyramid (Self-actualization). Give people personal pathways for transformation, and they'll stay with you as long as they keep learning.
When community members are nurtured and healthy, the community thrives - the same applies to companies.
Considering how much of our lives are spent at/on our jobs, it makes sense to create environments that support the most fulfilled versions of ourselves.