June/July many companies are going to start requiring workers back into the office and they expect at LEAST a 10% attrition rate. They need this, because credit conditions have deteriorated and layoffs bring bad press and severance costs. So return to office should be viewed as a soft mass-layoff event.
Companies realize this is incredibly short sighted, the employees to leave are the most desirable ones with the best options, but those that stay can be easily cowed into accepting smaller cost of living increases and there is an upcoming cash crunch NOW. Many realized they over highered and are looking to reduce variable costs, ie labor.
You are a free agent in your career. If your team makes bad choices, they are going to negatively impact you your entire life. So keep your resume up to date, network before it gets desperate and save up money so you can bail without crippling your future.
So many bosses are looking forward to this, even though it will cost them money, because it is about control.