What you are experiencing is not unique to tech industry. Most industries have been subject to ineffective human capital management. HR in general has not seen the same focus as marketing and product development because of lack of long term vision. Most recent innovations and emphasize has been in streamlining processes as opposed to increasing long term human capital development and maintenance.

The reason behind those shortcomings are as dynamic as the problem it selves: office politics, incoherent leadership, lack of knowledge / knowledge management procedures, lack of long term planning, etc. There are simply too many possible variations but generally it comes down to lack of leadership within the organization.

All said and done you occasionally hear anecdotal success stories that hint at more scientific ways of managing HR in general and Human Capital Management in specific. But it far too little and too sporadic to call it a “change in progress”.

A quick and good read: http://www.obxerve.com/en/article/talent-mismanagement/