There is no such thing as a good employer who doesn't pay their workers competitively.
While this may not be your intent, your post sounds a lot like a manager narrative that "sure, our pay and benefits leave bit to be desired, but we have a great culture and we're well managed". That's not a thing. A great culture is one where everyone is paid enough to live comfortably, and when the company does well financially, workers do well financially. The primary measure of managing well is paying your workers well.
The things management does besides paying their workers simply do not have enough impact on workers' lives that they can "manage" well enough to make more difference in an employee's life than a 20% increase in pay, let alone a 50% increase in pay as you describe. Beyond behaving at all in an appropriate manner, i.e. not verbally, sexually, or physically abusing your employees, your actions as a manager simply don't impact workers' lives as much as that much money does.
And in fact, other attributes of management are correlated with pay in my experience. The company you describe, that pays well but is otherwise terribly managed, is not one I have experienced. In most cases, a company that pays well is great to work for in other ways, and a company that pays worse is terrible to work for in other ways. The management mindset that is stingy toward workers doesn't stop at pay.