I cannot but agree with this article from Consulting Mag:
Consider yourself warned.
It’s easy to be lulled into thinking that just because voluntary attrition is low today, attrition strategies can become a low priority. However, the truth is that steps firm leaders take today in handling layoffs and other potentially culture-damaging decisions could affect staff retention for years to come.
According to a recent survey of more than 6,000 consultants conducted by Consulting, more than half of consultants below the manager/director level plan to leave their current firm within the next four years and more than one-third plan to leave within the next two years.
In other words, when demand finally returns, firm leaders that haven’t taken steps to keep their best consultants engaged and committed to their firm could find themselves with a severe talent shortage.
Intuitively I can say that this does not apply to only the consulting industry, but in most industries that are looking at short-sighted ways to control costs.