It won’t ever happen as they know they will have a mass exodus and left with the cr-p. Nice thought but nope won’t ever happen your reviews and the bean counters are the ones going to make the decision.
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If there were a lot of jobs available outside there would have already been a mass exodus. Voluntary reduction is just too expensive. Using performance reviews is effective but it takes too long. In the US, they are really only obligated to 9 weeks of severance or 60 days of notice to meet WARN requirements. Healthcare benefits could just cease at the end of the month you are released. They only offered 1 month of cobra during the last round. They will probably go with mass lay offs and reduced severance.
A lot people aren't going to run away. Even though the lay off numbers are huge the vast majority of people keep their jobs and life goes on. A bad job is still better than no job.