I agree. The direction companies have gone in the last 30 years teaches people there is no point (no reward) for being loyal.I don't think it's due to lack of available workers.
In my experience, the compensation is not enough. Not to say people aren't working, but people are hopping around. Nobody is loyal. There are many people "between jobs" as they look for something better.
When there's a downturn, they immediately lay off people. The benefits keep shrinking and it's incredibly hard to get a pay raise or salary boost. Every company I work for has always dragged their feet, refusing to raise wages. I checked with coworkers who work at my ex employer, asked if there is any inflation-linked pay increases and they said no... the company is still using a 2% annual increase on wages.
Why do you think people are quitting? Nobody's going to sit there with stagnant wages. We can work 1 or 2 years and then quit, change jobs and boost our pay. That's what the corporate world has taught us to do, because that's the only way you can keep your salary up with inflation.
Nobody I know has any kind of work pension either, so there's no long-term retention mechanism.
Companies low-ball us on wages... don't offer pensions... and lay us off in a heartbeat without a second thought.
What do you think is going to happen? I will never have any loyalty to a company, because I know I'm disposable and they will fire me in a heartbeat.