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One aspect these articles don't usually address beyond the attrition rate, is the quality of those leave is usually the highest. So its a double whammy. Not only are you losing workers, you're losing your best workers. Those best workers have mobility because they are in demand for their skills or ability to execute. So what an employer is left with is even worse, many of those remaining that are lower skilled or less ambitious so their can't leave or choose not to because they aren't interested in high achievement at work.
The company's most valuable asset is their workers. Return-to-office is a loud screaming message to all the company's workers that "butts in seats" or extraction of the worker's dollars for corporate tax cuts from municipalities are more important that the worker's comfort and preference. That leads to the death of companies.
I don't often toot my own horn, but this is basically me. My work is pushing for people to move to LA into the office after being almost fully remote for a few years. I've never set foot in LA, and was hired fully remote. They're struggling to hire junior devs because their frontend is almost wholly custom JavaScript and nearly completely undocumented. They're currently stuck with expensive senior devs. I could easily take my title elsewhere for more than they're paying me, but I like the lax work environment enough to stick around.
The last I heard about the move back to office was February, and they just hired more people out of state. I don't think they're pushing for it anymore, haha
100% this. We literally lost our best and brightest and the end of the pandemic. When I bailed it was B and C grade. Made the last few months very difficult.
It was absolutely brutal!
Not only that, but your best workers often help the others get better, as well as do code reviews, etc. which means the less good workers will also not be as good in the future, and you'll spend more time fixing their mistakes.
That's the Dead Sea Effect. Those who can leave the easiest, do so next in each cycle (once the company crosses the fuckit line). These will be the most valuable.
https://en.m.wiktionary.org/wiki/Dead_Sea_effect