To be honest, a lot of it is about the character and credibility of management. If you work for a guy who is openly against outsourcing, you can generally expect them not to outsource. If you work for someone who was hired by the board to cut costs, you can expect them to do that in any way possible, even if it harms the company long-term.

Yes, contracts play a role in this and it would definitely limit a business' sale price. But the thing is, if you're looking long-term, why would your exit strategy be acquisition?

Money is the main motivator in financial services. People don't really have any other metric to use for their performance, so they are paid a lot. In other industries, though, you have many alternatives to pure financial reward, and people are actually happier.

I don't know if this would entirely work or not. I'm just saying that it makes sense to me and that many people value stability and appreciation for their skill a great deal.