It's a chicken and egg problem. If people feel they could have a meaningful career in a given place, they would stay longer. When you see your teammates getting laid off one after the other - including people with 5-10 years of seniority and history of good performance, you start to wonder whether you should have any sense of loyalty to the company.

I joined my company with the naive hope there would be some sentiment of family/community and that I'd do a big chunk of my career there. But after seeing how they treat employees, I'm looking for the way out.