At HP, there are a LOT of people leaving, as morale is at an all-time low. Those with marketable skills would rather leave on their own than get a dreaded "offer" to work at Ciber or Modis at 30% less pay, reduction in benefits, and a loss of seniority - and finding they can make more at a company willing to actually offer reasonable compensation increases on a regular basis.
There may be other companies, not as high profile as HP, where this is also occurring. Obviously, there are many companies "below average" (Kind of has to be that way), but the disparity is pretty high - when people start shopping around, they quickly realize they are underpaid, and the rest of the pieces start falling into place.
It can't go on forever... which is all the more reason those people confident in their ability to place at better companies are going now, rather than waiting.