Looking at the people around me, people don’t do very good work when they are constantly on their toes. A lot of time is wasted on the rumor mill about the next round of layoffs, people are hesitant to invest in big (needed) changes and opt to just keep the lights on, and technical decisions are often colored by what will still work after person X if laid off (if they ever get laid off) vs picking the best option in front of them. The churn also continually re-opens process gaps, repeats the same projects over and over on a new stack, and other hamster wheel type activity that do nothing to move the business forward. It simply keeps people busy and frustrated while the leadership churn is used to pad their resumes with fancy sounding projects that never actually get completed, but it’s enough for them to leverage it into a new job with a big title.