In regard to contact center agents in particular, this analysis plays into Maslow's Hierarchy of Needs. The motivation put into work at a contact center - or any occupation, really - often hits a peak at which monetary compensation and benefits become moot turning the focus on other aspects of the work and environment. Forbes' article on primary causes of attrition makes particular note that while most people have a price, meeting or exceeding monetary compensation isn't always a surefire method of improving retention rates long term.
What contact center agents often find lacking from the job in regard to motivation to stick around is recognition and belonging while being aware there is a presumed ceiling on compensation. Recognition and belonging fall squarely into two of the tiers of the pyramid formed in Maslow's Hierarchy of Needs, and a quick study of this pyramid lays human needs from bottom to top in order of necessities to survive leading to things that make us feel content with ourselves, others, and the world. Provided agents are not in dire straits such that their priorities necessitate focus on housing and basic living expenses, the higher tiers of Maslow's pyramid become more important despite being considered less integral to survival. In other words, agents don't feel like their daily efforts amount to anything when it becomes monotonous with no feeling of accomplishment or appreciation leaving predominantly negatives associated with keeping things as they are. However, it should be noted that if any layer of Maslow's pyramid are not met, it will cause dissatisfaction that undermines the importance of the other layers. For example, an employee that is generally happy at work may become disenchanted as they find the cost of living is rising while compensation is not. This jeopardizes the fulfillment of the very base level of Maslow's pyramid causing the more abstract upper layers to become destabilized as the employee out of necessity frets over how to make ends meet.
With a lack of perception that one's efforts are producing anything observable or being recognized, occupations such as contact center agent and even IT help desk quickly lead to burnout as the workload on a daily basis has a propensity to grow or experience "flare ups" in volume. Couple this with the fact in many instances, contact centers exist to address customer problems. More often than being complimented by a supervisor or customer, such individuals find themselves on the receiving end of criticism intended for the company or being ostracized for the agent, typically out of company policy, not meeting the customer's demands. One cannot ignore the taxing effect on the psyche this has on a daily basis and the negative feedback loop this creates for the agent. Where one is not recognized for their efforts or ordeals, one does not foster loyalty as the employees do not feel actualized in their efforts and roles. This demoralization is only exacerbated when the feedback received in their duties through customers may more often than not be negative.
Naturally, over time the cost benefit analysis boils down to "If I can find similar wages for employment elsewhere where I am more effective, making a difference, and overall feel better about what I do why should I stay here?" That is, the question of going or staying actually views the absence of the stress, lack of motivation, and workload as a benefit rather than an associated risk or cost for some other benefit - namely the benefits of recognition and belonging. As described by this article noting Carver, Scheier, and Higgins; it's entirely possible to evaluate the distance away from the undesirable (anti-goals) as being a benefit unto itself when speaking relatively of goals and circumstances today. This loops back to our earlier example about clearing the gutters and ditches in preparation for the rainy season. While you could certainly do nothing about it or take your chances, inaction makes the prospect of flooding (the anti-goal) more of a certainty than if put the effort in to avoid it.
Different Folks, Different Strokes