Does your company need the very best people?
Beware the voice of perfectionism when hiring, there are many grunt level roles for people with less skill, who need less in terms of incentives
Occasionally, I hear someone claim, "Your company should only hire the very best people!"
Beware. This is the voice of perfectionism. A small number of companies aim for elite luxury or best-in-class technology, and these companies need to aim high when hiring. However, most companies succeed with average people. They do not hire the very best people, nor pay the best salaries, nor offer the best work environment, nor produce the best product, nor create the best customer experience, nor enjoy the best margins. At best, they can offer one or two of those things. You should try to think creatively about what you can offer, when you hire.
Ideally the people who want to work with you will find some aspects of the job interesting. If the only thing you can offer is money, then you will have to pay a lot of money. But if you honestly think that you can only offer money, and nothing else, then you are probably under-selling yourself as a boss. Remember, people don't quit jobs, they quit managers. Are you the kind of manager that people hate? If not, make that clear.
Maybe you help educate people in some subject or process, or maybe you give them the time to learn something they are interested in. Perhaps you can occasionally introduce them to people who might help them later in their career, or maybe you are simply known for promoting everyone who works hard, but whatever it is that you do, communicate that to people who are considering working for you.
The best workers are those who identify with the mission. Often their willingness to commit has little to do with the amount of money you offer. Instead, much depends on their innate idealism, integrity, curiosity, eagerness for experience, empathy for the customer, and your ability to offer a meaningful way for them to express those attributes. In particular, if they have empathy for the customer, and you also have empathy for the customer, then your workers can at least respect that aspect of your leadership. Lean into it.