If there's high attrition and turnover, I'd think there's simultaneous hiring going on for the positions that are left open. I believe this isn't happening either.
It almost feels like these are 'passive-aggressive' layoffs, where you are just creating conditions (low salaries, lack of work-life balance, horrible work culture) where people just want to go find better opportunities/work culture. Which is even easier if the market is hot.
Bumped for hitting the nail on the head. OP is @ZvKegVz-riqv.