There is a massive brain drain happening and it's been going on for months if not years. The people who are leaving are exactly those the company wants out because they've been here the longest and they're paid the most. With this happening, why do we even need layoffs? Shouldn't the attrition of this kind be enough?
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Because modern big tech really doesn't care about how they save and get money. You can make something completely ridiculous at Dell and if it makes a lot money, they'll tell you to keep making more. Executives are completely out of touch with their products. You'll never hear an executive say, "We need to make a product that solves XYZ problems with the industry and our society."
Big tech companies are so slimy that, instead of training people to be more productive and skillful, they would rather just get rid of you. These companies always say that they want to build and help someone's career and always open to new ideas. But they're not. And once you do get told you're getting let go, there's zero effort for retention and zero effort from your manager to help you move elsewhere internally. These layoff tools that are "career coaching" companies don't present new ideas to help you find a job that you didn't already know about. Once you get laid off, the company will continue to go about their business as if you never worked there. Not a single person ever reached out to me after my layoff even after providing my personal contact info before I left.
I hate big tech companies despite now being a supplier for them. But supplier companies pay twice as much as big tech companies and the benefits are just as good, with higher 401k match.
Stock Market loves it when companies fire people. Short term gain is all they want.