You have got a few trends that combined create a negative feedback loop. Current is a weak player in a weak product market, for this reason, they were spun off from GE in 2019. From the start a loss-making company, management opted for a strategy of systematic cost-cutting. While this did allow the company to turn a profit, most of the potential sales growth was destroyed.
This impacts employment in a lot of ways. 1. Layoffs are common. Anyone outside of the absolutely essential functions is cut. 2. Management doesn't want to give raises/promotions because they are trying hard to reduce costs. 3. Because of the layoffs and lack of growth, the best and brightest employees see little reason to stay and jump ship. 4. The employees who stay behind are not motivated to give more than the bare minimum and mediocrity is the result.
Some high turnover companies are great development opportunities for inexperienced employees, as higher up positions constantly need to be filled (Big 4 accounting firms for example). Current is not one of them; there are few training structures in place and management generally chooses to hire relatively experienced candidates externally to fill empty positions even if it means paying high market rates.
If you are one of these experienced external hires - realize that you will be given the exact amount of money/benefits needed to get you to join the company, but will not be getting much more afterward as far as raises or career advancement. Generally, these experience hires last about a year so their sign-on bonus vests and their resume doesn't have 2 job changes in 12 months.
