There are a few possibilities in that situation: (1) The engineers are not actually all leaving - it may feel like that, but maybe it's cheaper to hire a bunch

There are a few possibilities in that situation: (1) The engineers are not actually all leaving - it may feel like that, but maybe it's cheaper to hire a bunch of junior devs and filter out anyone that doesn't buy the loyalty bullshit and isn't content with 3% annual raises (2) They don't need decent or senior engineers, hiring and managing cheaper juniors is effective enough and cheaper (1) HR/Management are incompetent and the business is doomed to failure