Even when Silicon Valley has been in a downturn, management has been shocked at the lack of quality candidates and the number of offers being turned down. It is my observation that candidates are not moving for the same incentives as they were fifteen years ago. Layoffs almost always result in a stock price increase today. Downsizing has resulted in longer hours for salaried employees, and a substantial increase in burnout. Stress levels climb.
Private companies seem more stable that public corporations.
Executive and Management turnover is very high . It is not unusual for the hiring executive to leave in the first quarter of a new hire's employment. New hires are demanding more in sign-on bonuses. It is not unusual for a contributor to see his or her work canceled repeatedly due to budget cuts, change of management, stock price fluctuations, or corporate takeover. Low morale from lack of accomplishment is epidemic.