To retain employees, managers need to create an engaging environment with growth opportunities, clearly communicate what success looks like, and be respectful of employees' time and judgement. Good management is about more than control.
Remember that a company is a group of people working together and that employees can't have a relationship with the company without having relationships with other employees. Pay, compensation, work conditions, promotions and benefits are important factors in determining work satisfaction, but carry little weight in determining work fulfillment. In other words, they're necessary but not sufficient for employees to stay.
While employees are often drawn to the mission of a company, what they are assigned to do day-to-day is determined by their managers. Hence, employee work fulfillment is determined by managers not the company as a whole. So, when employee-manager relationships deteriorate, employees quit prematurely.