A lot of the events are specific to the business discussed (the ownership structure with passive investors with preference for dividends, big-ticket customers with strong opinions).

Paying above average to increase retention rate is not new. Henry Ford pioneered it for automated assembly line, Costco pays above average compared to others in retail, tech companies attempt to lock in four-year commitments by issuing stock options.

The idea is that the company gets competitive advantage by minimizing employee onboarding/training costs and maximizing said employee's productivity. For some industries it's a good bet, for others not.