One thing I’ll do, so as to not entirely eliminate the initiative mechanic, is that if my players have initiatives that are stacked in a row, I’ll let them trade out who goes in what order. So let’s say my bard has a 16, the rogue a 15, and the fighter a 10 on their initiatives. Let’s also say that there are no monsters between 16 and 10. I’ll let the players swap out who goes in what order sorta like signaling one another with head nods, gestures, etc.
Since they’re all in a row, they tend to think more like a coordinated team, and when it comes to a deadly/threatening combat, they’re more comfortable with making a tactical retreat b/c they‘re all doing it at the same time.
I’ve also found it makes them far more effective in combat, and I’ve been able to throttle up the CR of my encounters a little more…which is more fun for me.