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All of the above.
Would also agree that it will more than likely always be a combination of all the things. This is kind of like which came first: the chicken or the egg. Either way it is there and all of it becomes a problem. People start slowly drifting away until they can finally change jobs completely.
I think it's a combination of various factors. Besides those cited, I'd add lack of career growth. If people feel like they've been pigeonholed they'll just coast. And sometimes it's a problem with values, if the company's values seem to degrade, employees will experience a distinct lack of motivation.
Combination of both but many times it is done because of treatment from management or company. You get what you give. Treat employees fairly, respectfully, & do not micromanage. You usually get what you give.