I work for a large company that went through 2008-9 hard times. They used 3 layoffs to both cut costs AND Reformat the company.
Layoff #1 and four months later #2 got rid of the dead wood and undesirables.
Four months later was the third and final layoff. This time they used a Different Rational.
Senior $$ Employees ( many of these top notch employees, but in the blue hair crowd ) were let go.
Note - layoff #3 it appears they took great pains to eliminate just enough under-40 workers to Hide their real target the 50+ long time experienced workers. Lawyers got to love them.
NOW I work for the reformatted company and have my own gray hair Mainly From working the last 9 years with the parade of Green $ Peas as they learned the ropes.