There is no successful company that treats the best employees badly to the point that they start leaving on their own just so that the mediocre people who know how to please the management are more comfortable. This is unfortunately what is happening here all the time, and I really don't know of any successful company that works that way.
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You are absolutely right.
Successful companies recognize and reward employees who contribute to keeping the company successful. And, let me highlight the part of that statement that is the most important: they REWARD employees who contribute to keeping the company successful.
It could be employees who are the smartest, and it could also be employees who are the most dedicated (that is, willing to pitch in and work overtime, or accept extra work). Companies that succeed REWARD these kinds of employees...they don't expect them to WORK MORE...FOR LESS.
When companies start taking advantage of these kinds of employees...well, it's simple: they leave and go elsewhere. There may be a large pool of potential employees to draw from, for awhile... But what goes around comes around, and eventually this kind of poor treatment gets what it is paid for it. That is, a sub-par workforce and a high turnover rate.