I know that myself and most of my peers would love to be loyal to something, we are eager to learn... We love to work hard and play hard. We're willing to learn the ropes - but we have no intention of working for the same company for all our adult lives - because we have seen many cases on our own eyes how that kind of attitude is less then beneficial.
But as mentioned elsewhere our bullshit tolerance levels are low.
I agree with you that costs of loosing productive people who understand context of their work is expensive. I don't agree with you that businesses care (at least not the ones I saw myself). Well maybe they care - but not enough to actually invest anything or seriously commit to solving the issue for themselves.
It's all just talk - yes they'd like if people would stay longer, but they "can't afford" to actually improve living and working conditions for their workers.
Just mgmt business as usual - improving sales and market position is hard, cutting expenses is easy, leave a trail of broken businesses behind on your path to glory.