FWIW, your pessimism isn't entirely well-founded. If you're in a hot, tech-centric market, then yes, staff will be far more inclined to job hop for comp increases. But if you're hiring remote or you're located outside one of the very few tech hubs, employees value quality of life and workplace culture/relationships much more highly relative to comp. E.g. If you're hiring a SWE in Nashville or Portland or Columbus they're going to behave differently than if you're hiring in the Bay Area, Seattle area, NYC, Boston or Austin.

I think those sorts of priorities come later. I've never known a junior engineer that prioritized anything much beyond "holly shit, someone finally gave me a job, and I'm making money!". Then, with something on their resume, they realize how they're currently being taken advantage of, and hop to a significant pay increase.