Also saving money on hiring often means saving money in general and elsewhere too, worsening quality of life.
In particular projects can get canceled, priorities shifted, grind increased, privileges revoked, remote work banned, etc.
People who have the option to leave might do just that.
Plus that L4/L5 employee might look stellar on paper. Or even be stellar, just not very vocal about what they’re doing.
I thought that was true as well but the tech layoffs that have been happening have all been about being leaner to grow faster. Look at Meta, for example, that did layoffs in spite of massive continuous growth.
This drives people to take a more mercenary approach to work and look for better pay elsewhere.
Cult connotations involving "chosen" families aside, it's family that's statistically most likely to molest you.