My mental model around these indicators: High quits rate + low engagement = workers leaving for greener pastures. Low quits rate + low engagement = no greener pastures to go to. Low quit rates + high engagement = "professional/career/work potential" sentiment high, happy workers staying put and grinding because they choose to.

(imho, n=1, scholar of the macro and the human, I am an internet rando trying to read the room and could be wrong)