I think you are precisely right that there are things more important than money and profits. I thinking the upshot might be that large organizations will have to take a harder look at their work environments and compensation structure, making it less attractive for workers to jump from job to job.
What has changed is the way we work. 20... or 50... years ago the culture of staying in the same job for many years — even a lifetime — was far more common than it is today. Maybe what really needs to be considered is the eternal "hopping about."
Yes, I agree incentives produce better results in productivity and retention of employees.