The dissatisfaction is real but temporary. People hate their jobs because they feel trapped. As soon as the recession lifts, prospects for the old bonuses return, and they have more job options, most will stay instead of leaving as the article contends.
Having options to leave improves job satisfaction immensely.
I'm pretty sure the guys picking up work from their laid-off coworkers, pulling extra un-paid hours to cover it all and being denied bonuses/raises despite profitability are dissatisfied with something more than a feeling of being trapped.
As soon as the recession lifts, the fair-weather employers will be forced to correct those inequities - which is why those who stay, will stay.
You absolutely can not write off the objective ways people's working environments have changed and will change again, when you look at whether they leave or not.
I don't think nwatson wrote those off. He was probably referring to the fairly in-depth article, on HN some time ago, which discussed how "having options to leave" was a huge psychological factor for job satisfaction. I can't recall exactly how they supported that argument, but I think it was fairly convincing.
What nwatson is suggesting is that along with improvements in bonuses and working conditions, there will be the improvement of once again having options - which is itself a very significant boost to morale.
Yes, I had read that article recently, and it must have been from the HN reference. A quick google search doesn't bring up an obvious HN link or the original article, I wish I could find it.
edit: hmmm ... HN reader 'spokey' has found it, see [one of] his comments here.
Having options to leave improves job satisfaction immensely.