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yeah it could be both but I would counter that without the other things no level of management will increase employee engagement, and manager while part of the engagement formula they are not the largest and can't be effective in this area until the other layers are met. Call it a corporate Maslow's hierarchy of needs where managers are near the top with like ping pong and pizza parties at the top.
I sort if see it the same those that complain about how employee loyalty no longer exists but have no problems laying off half their staff before they ask the CEO to take a pay cut, or barely keep pace with inflation for their highest performers.