True. On the other hand, if the increase in revenue is at least partially caused by inflation and it's not to be expected that deflation will revert this effect any time soon, new hires might expect significantly higher wages then what is currently paid within the company. If the current workforce is keeping their pre-inflation wages and new hires are receiving higher wages, this causes an increase in turn-over rate which is exactly what can be seen in Germany throughout the last two years.

Admittedly, there might be other, additional causes to this. It should still be considered if higher turn over is a business risk for the company.