Do you really think it'd fix retention?
Raising pilot pay will help bring in new blood. But there's a percentage of the regional airline community that will never qualify to move onto the majors. Raising pay only costs the company more money to retain pilots who have no other options anyway.
Pilots jumping from one company to another is still a net win for the regional airlines and the major airlines that partner with them. The two biggest problems are: regional airlines that can't achieve turnover and become top heavy on the pay scale aren't competitive, and companies that can't find and recruit pilots.
If the regional model is going to work there either needs to be an increase in the number of available applicants or an increase in incentives to those applicants. You'd likely do this by narrowing the pay scale, bringing the bottom up and the top down...I can't imagine this happening, unless people are grandfathered in from the top of the scale...it'd be a tough sell none-the-less.
I'm sure people will say "you can't bring the top pay down!!! We're worth it" which is true...The top pay though may stagnate the pay for the majority of the workforce at the benefit of those few pilots who won't leave.