The current management have presided over taking Monarch from nearly the top of the tree, where no one left because of pay / T's and C's to nearly the bottom of the market where very few F/o's stick around and rightly so, if you are on the airbus with Monarch you may as well go orange and get paid a darn site more.
The current (and brand new CEO out to show his boss how good he is) feels that staff moral and satisfaction are high from a few pleasantries being exchanged in the crew room, and that people are prepared to go that extra mile for the good of the company.
The company is operating on goodwill.
He is wrong.