There is a bit of truth here. Toxic culture and out of touch management will make people walk as well.
Thing is, there might just be a wad of cash big enough to make me put up with that against my health interests.
Fuck ping pong tables though. No one left a company because they didn't have enough fucking table sports. If you think they are then you are the problem. Exit interview your own fucking arse.
One of the best bosses I ever had once told me that people will stay for the culture but leave for money. His philosophy was to try and ensure that money was not a factor in people's decision, then build as good a culture as he could.
And to be clear, by making money not a factor, I mean he paid well.
I had a meeting years ago with my company's CTO about my salary. He kicked off the meeting by saying "you care a lot more about what you make than I do" which prompted me to ask for 50% more than I had been planning to ask for. He agreed to it without argument. TBF he was a coke addict married to the daughter of the company's owner and within six months he'd been divorced and fired, but I got to keep my salary.
"Man, my job pays horribly and the benefits barely cover anything, but they have a ping-pong table so it's honestly a tough call."
I struggle to understand how someone could seriously write something like that question without a lack of self-awareness so dire that a walk to the kitchen would come with a near-death experience. It just can't be real.
I think the truth is that it assuming it's the latter may not be enough. But the first two are even less likely. Additional responsibilities WITHOUT a raise is very, very unlikely to be what anyone was waiting for to stick around.
yeah, the "not necessarily pay is accurate, but the "right" answer being ping-pong table pivots things from "ok, they have some understanding" to "incredibly tone deaf".
The flip side is if you can't be bothered to set aside some money for a ping pong table, as well have the sense to first ask around whether people would rather have foosball, or a proper pizza oven, or whatever the fuck, your company culture probably also sucks. A place for recreation means that you respect recreation and extend enough trust to have employees self-manage their need for it.
...of course, setting up that place only to have it be a hunting ground for micromanagers preying on unsuspecting workers is not what I'm talking about. If noone ever uses those areas, worry.