[jammycakes]

Having been in a similar situation myself, it's obvious to me that you're working for a company that's circling the drain. Low employee retention is toxic even when management is actively recruiting to fill the gaps that are left, and the fact that they aren't suggests to me that either the company is in dire financial straits already, or else it is being so badly mismanaged that it soon will be.

In such a situation, the only thing I can recommend is: make it your top priority to find another job. The longer you stay, the worse it's going to get, and the greater share of the blame you will be lumped with when things go pear shaped.

If you can't find one quickly that matches your current seniority and salary, would you be prepared to consider something a bit lower down the scale as a stopgap? This wouldn't have to be long term -- just as an interim for a couple of months or so until you can find something closer to your expectations that you can make a bit more permanent.

[ModernMan]

I think in terms of IT ( development including) they have always circled the drain. But other departments which are the majority of the companies function keep it afloat.