My anecdote is my job is fairly specialized. It isn't hard to find a degreed engineer, but what I do is a bit of a niche. This has pros and cons. On the one hand, the people at work are fairly loyal. I don't mean loyal to the job, I mean loyal to each other. My boss knows he can't ax me and hire a new grad to fill my role, not without committing years of training. I also know I can't leave here and jump to a new job in town seamlessly because there just isn't anyone else in town who does just what we do. And even if I do leave, it's a small enough niche that I'll keep seeing the same names. So none of us can burn bridges. The corporate structure that signs our paychecks has no loyalty to us, but collectively we do with each other. It's an arrangement that largely seems to work.