If you want better workers, create and promote an environment that cultivates better workers. And I don't mean just the workplace, but also society at large. As you say, CoL continues to rise in multiple facets. Wages don't move. "Loyalty" can be real if there is a good situation and real honesty. Otherwise, it's just gaslighting.
Until recently, I worked at a brewery, for 11 years. Was there almost at the start. Helped build the company, expand the company, worked insane hours with little-to-no vacation time in the summers, helped save it during the pandemic, gained sweat equity, and ran all operations for the last 6-7 years. My "loyalty" was beyond reproach. But I was chronically underpaid the entire time (which is a common thread, and problem, among most craft breweries under a certain size... but they've been able to get away with it so far). I worked there nearly 10 years before I was making as much as I did as a captain in the military in my mid-20s. The owners only gave pay increases about every 3 years. So, effectively, due to inflation, you'd take a pay cut 2 years in a row before getting a raise in year 3. Ridiculous. Eventually, it just wasn't worth it anymore. I don't regret my time there (too many good times to count and an awesome team under me), and I would have stayed if I were getting paid what I was worth (or close to it at least), but I finally jumped ship. And now I make a lot more... and drink a lot less lol.