In any kind of business, keeping the employees motivated for the challange is very important and is a primary job of HR. A slight dent in the moral, it may be due to business opportunities or the atomosphere within the company, will cost significantly in terms of talent loos.
Companies can get replacements, but in my opinion, it costs the company. The legacy and energy of old employee is difficult to match. It doesn't mean that there should be no attrition, you can't prevent it happening, but attrition because of moral reasons is very bad. It cleraly indicates where your company is heading to.
In this business week article, author describes how moral is getting hurt in current conditions at Detriot auto majors. A very good article!
http://www.businessweek.com/magazine/content/06_16/b3980095.htm?chan=autos_autos+index+page_news
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