Employers here are competing with wages set in other economies, and losing experienced staff to them. Matching those salaries is not possible for most companies. Competing is, but only if you understand what people are actually leaving for.
Money is the reason given, not always the reason
Exit conversations mostly cite salary, because it is concrete and does not require criticising anyone. The underlying reasons are frequently different: no visible progression, a manager they do not respect, work that stopped being interesting, or no sense that anyone noticed their effort.
Hold proper conversations with people who stay, not only with those who leave. Ask what would make them consider an offer. The answers are more useful and arrive in time to act on.
Compete on what you can actually offer
A smaller company can offer things a large foreign employer cannot: real responsibility early, visible impact, direct access to decision-makers, flexibility, and variety of work. These matter substantially to capable people in their first decade of work.
They only count if they are explicit. Name the responsibility, put a title on it, and let the person see the result of their work reaching a customer.
Make progression visible
The most common cause of a quiet resignation is an employee who cannot see what comes next. A simple written path — what this role is, what the next one requires, what it pays — removes a great deal of ambiguity.
It also exposes where you have no path to offer, which is worth knowing before the person discovers it themselves.
Assume some will go, and prepare
Some departures cannot be prevented. What can be prevented is the damage: undocumented processes, a single person holding a customer relationship, no one trained as a deputy.
Plan for the loss of any individual and it stops being a crisis. That preparation is also what makes it possible to say yes when someone asks for time to study or a phased return.