That sinking feeling

I had my long awaited meeting with my manager concerning my resignation. More on that later...

About an hour after this meeting, we get an email informing us that yet another guy [a programmer who has been responsible for R&D] has quit/left our firm. This is the 3rd programmer to leave in a period of slightly over a month - and we are a software development firm, not a bank or an insurance company!

There is definitely something wrong here. Guys are running from this place like you would after seeing tsunami on the horizon. Is management blind? My manager says not. Apparently there's a lot of bureaucracy involved in getting things like pay rises, which may ease the jitters around here. Whatever the case, one way or another, something's got to give.