I'm pretty skeptical of an analysis of a company's turnover rate written by that company's head of HR. It's just too easy to leave out relevant factors to draw

I'm pretty skeptical of an analysis of a company's turnover rate written by that company's head of HR. It's just too easy to leave out relevant factors to draw any conclusions from reading this. If their real secret were something unsavory like "we have large golden handcuffs" or "our employees don't have good options", would they share that?