Companies that inspire turnover but are otherwise stable collect cruft from employees who are competent enough to not be fired, through whatever means, but not talented or crafty enough to have options.
Short term this bloats the organization, as more people are required to accomplish the same tasks, but long term, limits the ability of the company to do anything or change tactics - gaining more and more inertial mass.
This is just a perturbation that moves IBM along that chain.
I accepted a job offer from IBM in the 90's after going through their lengthy and involved interview process.I didn't make it to my first day as the reams of paperwork I had to fill out before ever setting foot in the door were terrifying.
You can fight change or embrace it. IBM's competitors will be more agile. It's pretty clear that the future will be dominated by distributed teams with the absolute best people for the problem set working on it, almost certainly in a remote fashion. I'm writing on a computer's who's operating system was done in just sort of a fashion...