Well, the data are clear: people don't leave because of pay, people leave because of bosses, culture, or environment. That's true even in the military. But a 14% raise is no joke, That's almost a $300/month increase. Even so that bring E1 to about $27,600/year; or, about $14/hour. That's horrible. Of course the knife that cuts both ways says "but you don't pay medical, your uniforms are no-cost, you get 30 days of leave, and you don't pay for housing/food, and bennies can be adjusted for location." That ain't nothing, either.
A pay raise is essential for sure as are signing bonuses, but none if it will matter if people are leaving after first enlistment because of food or barracks issues, poor leadership, or their family isn't being taken care of.