[dj-wonk]

Sometimes, but it can be a bit more complicated.

Perhaps it is accurate to say the most mobile, unattached people tend to go first.

Perhaps the more loyal people stick around longer -- this puts a positive spin on it.

But you could also say that the most opportunistic people go first -- putting a negative spin on it.

Also, I think it depends heavily on what you mean by "bad". As a company culture deteriorates, sometimes it is the people who have been there the longest that don't notice the decline (see https://en.wikipedia.org/wiki/Boiling_frog)