It’s not just the money. Anyone in any job likes to feel valued, respected, treated reasonably etc. I know plenty of people who have moved to a lower paid job and been happier for it because of the job satisfaction they get which they didn’t get before.
You don’t necessarily need money to reduce turnover, just good management (again, in the broadest sense) to help retain staff who you may lose if you don’t treat them right.
The wages paid to train drivers seem to me to be generous. If recruiting or retaining drivers is problematic then that certainly suggests that it is about more than the money.
There is a fairly widely held view among train drivers that there are too many "bright young managers" often with irrelevant degrees, whose job seems to be to victimise drivers.
Said young managers are widely believed to despise the train drivers whom are paid a lot more than the managers.
It is alleged by some drivers, that managers employ underhand tactics to catch them out. Examples include use of forward facing
CCTV▸ to catch drivers going the other way whilst not wearing correct uniform, and telephoning a drivers mobile number during a shift in the hope that they will answer and can then be disciplined.
Such behaviour would not help to retain drivers.
I have left a (non railway) job because of overbearing management and their security staff. Said security staff appeared to view their job as being to trap employees into breaking the rules, rather than the detection of actual dishonesty. And they wondered why retaining staff was difficult !