I believe that there is no right answer to the question, as each action depends on several variables, especially regarding the market moment of each country, whether it is heated or not!
However, the retention of these professionals has become increasingly difficult, as they usually leave the organization to take on a sexier position, with a greater scope than simply a Project Manager. What I'm going to say here will certainly generate disagreements. The truth is that the Project Manager attributions have been increasingly absorbed, as a second skill from other roles. Today, for example, one of the skills required for a Product Manager and even for a Product Owner is project management skills. Companies that don’t provide the opportunity for Project Managers to take on other responsibilities in addition to the project responsibilities, will lose their professionals to companies that already have this visionary mindset. Some core competencies are essential for the success of this professional. Successful PMs are not satisfied with the "only good!".
My advice: when a complex problem arises on a project, don't just analyze it from the perspective of project management. You must think from a product improvement standpoint too. Don't settle for a solution that has solved your side. If you strive to develop your Complex Problem-Solving skills combined with your Product Vision, you can boost your career as a successful PM, managing other fronts!