To me, a good counterpoint on this is: why are some companies completely unconcerned with employee morale? It's a fact that a workplace that promotes good morale has employees who are more productive, prompt and efficient. Good morale almost always translates into low turnover.
The ugly truth is that many companies don't care because their attitude is, "I can get a dozen more like you" and if an employee remains at a company, they will invariably want a raise in pay or benefits, which costs the company money.
The problem with this philosophy is when a long-time employee quits, they take their store of experience and institutional knowledge with them. A company spends more money training a new employee and bringing them up to speed than would be spent on a raise or benefits increase. Plus, the new employee still must gain experience.