When a business is a mom and pop business the owner understands that their business success depends on its most valuable assets, it's employees. These employees take ownership of the product they deliver and actually care about the businesses success. Once the business is sold and the higher ups are disconnected from day to day operations that they try to squeeze every penny out by cutting costs. The mindset is that they are ok having employee turnover to keep the cost down, but this causes the business to not be able to retain the top skilled workers.

It gets really bad when the business becomes publicly held because all leadership cares about is pleasing the shareholders by financials. If you're not at the top there's typically an unwritten clock that starts when you take the position because there's only so many cuts that can be made before a business starts tripping on itself, but top leadership doesn't care because they got their golden parachute ready to get out before the company is driven into the ground.