I think it’s a two-way street – employee loyalty is declining and in response to how companies treat/value their employees. In the past, there was this concept of “iron rice bowl” where a company would take care of employees for life, guaranteeing job security and promotion from within the ranks. Unfortunately these days HR tends to be transactional where employees can be easily replaced, including management roles where friends or connections are parachuted in, rather than promoting from within.
