A tangent to this is "management is now hesitant to hire people who have shown an established history of employment."
When you hire a new grad, and then spend a year getting them all up to speed with the process and CI system and code reviews and familiarization with the code base and they're just now starting to take on the responsibility for some of the code... and they leave a year and a day after you hired them.
And so then you hire another new grad... and {repeat}... and they leave a year and a day after you hired them.
At this point, management is a bit frustrated. They give it one more go... and they leave a year and a day after you hired them.
And now, when that position is opened up again, it is no longer an entry level position but rather a mid level. We forgo the extensive onboarding and gradual ramp up for a new grad and instead have a mid who should be able to understand the nature of a CI system, issue tracking, and so on and be able to start being a positive contributor in a month or two and so if they also leave a year and a day later, we've had several months of them being a positive contribution on the team.
... and now its just that much harder for a new grad to find a job.