For a few days. My experience is that high pay will A) keep bad people around for much, much longer and B) keep good people around until they get too fed up with the bad people.
I guess that's where high bonus low pay comes into it - if you are a "good person" you get the high bonus so you stay, if you are a "bad person" you don't, so you leave.
The problem then comes down to defining good person vs bad person, which in the real world is very tricky.
