Back when I supported HR at a hospital I built these ultra detailed employee turnover reports, which included average cost of turnover (metrics for what it costs to cover shifts until the position is filled, cost of recruiting/posting positions, cost associated with hiring, separation cost of the employee leaving, etc etc). And of course they would focus primarily on nursing roles. They spent about 5 years doing just about anything they could; hiring bonuses, incentives, referral bonuses, various outreach programs and tuition assistance for nurses. After those 5 years they found no noticeable reduction in nursing turnover. What they did eventually notice, however, is a steady increase in turnover for all other non-nursing positions.
After another year or 2 of bullshit excuses and throwing whatever paltry perks they attempted to throw at us the only thing they found actually lowering their turnover figures...reinstate annual 3% raises. Because they found out paying their employees was actually cheaper than the annual cost of turnover.
somewhere along the way the csuite forgot about or devalued institutional knowledge. they think of people like expensive hardware theyre renting, that they can just fire and rehire at no cost. they ignore the fact that the majority of the knowledge and expertise they need is stored in peoples heads and nowhere else. when they do a huge layoff theyre throwing all of that away and essentially starting over from scratch the next time. i suspect this is a large part of why games take way longer to develop now. the teams have to build up the knowledge and working relationships basically from scratch on every game, which is a slow messy process in the best of times but is made waaay worse by delusional schedules and excessive hours. these corporate douchebags keep literally cutting off their nose to spite their face over and over again like its a functional business strategy.
save