What I’ve noticed in this cycle is that as the turn over continues, the employee skill level will trend downwards. Essentially in a sort of ironic-Darwinian-gone-wrong, the system selects for those that will stay and/or don’t care or are desperate enough for work (because of geographical allegiance of low hireability, or just low initiative to make a change).
I fear my current workplace that was so cool years ago is showing these signs.