I considered it a benefit. It meant I could hire fewer people. I had good, motivated people, with institutional knowledge. When you’re a small/medium sized business with limited funds this is much more desirable. It costs less to keep fewer people employed and you can be much more agile.

Firing people who needed firing was never a problem and it didn’t tend to be people who’d been there for a long time that I wanted to fire.

High turnover of staff has outsized costs: loss of institutional knowledge, loss of momentum on key projects, time taken onboarding/training, recruitment fees, etc. it’s to be avoided imho.