Sounds like your company may have made the transition that I think my former employer is secretly working on, and if so, I understand why you didn't mention the name... I'll call it the Price Waterhouse model because of a friend who joined that company just after getting his MBA.
PW overhires fresh meat with the deliberate intention of eliminating almost all of them within the first two years. The cream of the cream are the only ones they want to keep, or at least that was how he described it those many years ago. As it would be adapted to the modern day, the new hires would essentially be one- or two-year interns whose contracts would mostly expire, with a few thousand retained each year for actual long-term careers.
The symptom at my former employer was a focus on optimizing the onboarding and offboarding processes so that most of the actual work can be done on a staffing-as-needed basis. Managerial guidance from the careerists, but that's another focus of cost containment.