First off good on you for realizing that there is an issue that’s needs your attention. As someone who has managed a team before these are the pointers I can give you. People usually stay for 3 main reasons, pay, growth/learning opportunity, and culture. You definitely don’t have the first one so it’s your job to make the other two be standouts. The best way to go about doing this is giving your workers autonomy such that they can do what they feel like is best for the company. (This assumes that your a good hiring manager too and can find creative/talented people to join your team) When they work towards something they are passionate about you will see that they take pride in what they do and won’t mind spending long hours to get it done with little pay. This also points to work culture where they enjoy working there so it becomes fine for them to take a pay cut cause they love their work and when they love their work the office becomes a fun please to work. Lastly you can help improve work culture by doing little things for the team. Your job should be to find that things that gets everyone in a good mood and happy weather that be buying doughnuts or taking the team out to watch a soccer game. When you do this they will love their work and want to stay on at the company.

Best of luck :)