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Of course none of us knows what goes at Bungie internally. We can only speculate, unless Bungie themselves chimes in.
I am aware of a few anecdotes which make Bungie seem like they really value their employees, but have little tolerance for people they don't need.
When Skip was in IT, he said he was impressed with the quality of all the employees. He said in every other place he'd worked, he quickly out shined everyone because he was just plain better and more motivated to be excellent. However, at Bungie he said he was surprised because everyone he worked with was just as good and as motivated as he was. He thought it was great that everyone he encountered was as good at their job as they could possibly be. I don't know if Skip is still there though. I have not heard anything from him in years, and I know he was contracted at least at the beginning of his tenure.
So on the whole, I'd say Bungie is a pretty secure place to work. Bungie has been growing and seemingly changing quite a bit lately. I don't know if any portion of the anecdotes and my own inference from seeing Bungie do what Bungie does still applies. It could be exactly the same, despite being a 300+ employee company now. Perhaps we'll see.
The industry in general doesn't seem to be very secure though. People seem to bounce around a lot depending on what kind of studio they work at, and what specifically they can do.