- Pays less
- Is less secure
- Is a shitty environment
- Offers dwindling benefits
- And little respect
You're cannon fodder, that's all.
At startups and companies with that "hot startup" attitude (there are a few established companies that do this), you're the core of the business, the brains of the operation, worthy of any perks or cash they can throw at you.
Who wants to work where they're completely undervalued when they can work where they're (if anything) overvalued?
Make the salary at least reasonable, the hiring practices sane, the benefits good, and the job security reliable, and you'll find that a lot of young people are willing to work at stodgy old firms, just like they used to.
Employees are just tired of being treated like shit. These days hot startup > freelance/consult > established firm when it comes to the deal you get as a worker.