I think it's unfair to say everybody is leaving. This is anectodal.
That said, I think the quarterly layoffs & stealth layoffs to stay under California's advertised WARN system has been extremely detrimental to morale. The danger is losing the ballers who keep the company's fortunes alive. These people have reputation and in my experience a good amount of these people have left in the last 1-2 yrs. This brain drain is extremely difficult to replace in a timely manner of company transition. It's exponential.
Current quarterly layoffs have created for a worker two view points. One is to be totally resigned to eventually being fired, but mentally prepared for it as they have enough savings, have a working spouse for support, near retirement anyways, have Visa issues so they must stay, or too naive to know the scope of layoffs to be too worried about it. The other group are keyed into the scope of layoffs, are stressed, and are looking. I'd say my anectodal evidence is 75% the former/25% the later. Juniper is still not even close to a "run for the hills" type of environment as Theranos or Enron was. Heck, Oracle is having huge layoffs this year and they're much more stressed--go read that board or news articles!
I think everybody at Juniper IS(!) employable and if you're an SDE even more so, as their skills are in so much demand and can easily get a job at a FANG with proper prep training. I think with time, any J employee can find something better regardless of background. Juniper has always hired people with sterling resumes, so background isn't a detriment. It's TIME(!)--trying to time a transition early enough before the hammer falls. In Silicon Valley area, jobs are plenty--but you still need time! I think it would be much more dire to be in EMEA as these regions are headed into recession this quarter. There is no reason why anyone in EMEA who's looking shouldn't double down and be looking hard, before companies over there batten down the hatches!
My only advice is that you guys create a 12+ month savings plan. This eases stress immensely! So if you ain't there yet, start saving!
All I can tell you is that people who have left for a better environment are in another universe of happy. I guess when one gets beaten down so much morale-wise, one thinks that's the normal way of things and fails to understand what IS possible elsewhere. Being in a highly perceived growing company is a game changer to your soul!! For me, I slogged it out prepping and benefited immensely. You can too, if you're not lazy about it!
I wish you all the best of luck whatever path you choose and I pray that J gets its house in order for the benefit of its people (it can still happen)!