You call it out yourself; it may not even be "the company" is seeing much change in retention, but different parts of the org are. Others have solid retention.
But retention also isn't an easy metric to solve for. It's not "just do X and watch that number improve". The closest thing companies do is throw money at people, but that only works if you're so far higher than the rest of the market that people are looking at a massive paycut if they go somewhere else, and that still is only one data point affecting those averages. Certainly, no company that I left could have kept me by throwing $9k more at me; I made more than that with every company change I made, let alone what actually caused me to start looking in the first place.
But retention also isn't an easy metric to solve for. It's not "just do X and watch that number improve". The closest thing companies do is throw money at people, but that only works if you're so far higher than the rest of the market that people are looking at a massive paycut if they go somewhere else, and that still is only one data point affecting those averages. Certainly, no company that I left could have kept me by throwing $9k more at me; I made more than that with every company change I made, let alone what actually caused me to start looking in the first place.