Maybe it is just my experience, but in the last decade, employers stopped trying to recruit and retain top developers.

I have been a full time software engineer for more than a decade. In the 2010s, the mindset at tech giants seemed to be that they had to hire the best developers and do everything they could to keep them. The easiest way to do both was to be the best employer around. For example, Google had 20% time, many companies offered paid sabbaticals after so many years, and every office had catering once a week (if not a free cafeteria). That way, employees would be telling all of their friends how great it is to work for you and if they decide to look for other work, they would have to give up their cushy benefits.

Then, a few years before the pandemic, my employer switched to a different health insurance company and got the expected wave of complaints (the price of this drug went up, my doctor is not covered). HR responded with "our benefits package is above industry averages". That is a refrain I have been hearing since, even after switching employers. The company is not trying to be the best employer that everyone wants to work at, they just want to be above average. They are saying "go ahead and look for another employer, but they are probably going to be just as bad".

Obviously, this is just my view, so it is very possible that I have just been unlucky with my employers.