Actually I'd be more considered about WHY they're leaving? Typically if a lot of people are leaving, especially those that have been there for a long period of time? That's usually a red flag. For example, I left my previous job of almost 10 years because of bad management, otherwise, I would have stayed there.
In other words, do your research before you think about promotions. I'd be asking those that left why they are leaving. Also, consider the consequences of them leaving- it might mean you're going to be the one doing their work... for the same pay.
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As @exitseven and @guy13 already said, be prepared for an increased workload. If not, they will hire from the outside.
Nope but that does mean you will be getting their workload. Get your resume out !!!
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It probably means you will be expected to do more for the same salary.
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