Neither are layoffs -- the Wall Street Journal reports that "people who work for employers that are hiring new workers tend to have a significantly more positive outlook on their lives than people who work for companies that are laying people off." In other words, if the company's ailing, the people who work for it are carrying that stress with them wherever they go.
So what's a company to do? May recommends that C-level executives begin looking at human energy as something to be managed as aggressively as any other utility, with an eye toward conserving the resource, not wasting it. Also, CIOs need to find a way to quantify the financial value the IT organization generates. Once the workers know what value they bring to the table, they'll feel better.
Still, there's something to be said for taking some time off, or at least not working ridiculously long hours. How long until a news article or study reports dividends from that?