After layoff, I have a mind conflict which path I should take as survival strategy: individual contributor vs. manager. I am not 100% sure, but I am quite convinced that managers were not affected by the layoff decision, but individual contributors were affected by the layoff decision. In my case, I want to stay as individual contributor, because I am not interested in time and assignment management of others. However, if business continues to result in low margin than expected, layoff will possibly become annual X-mas event. Then from the job security standpoint, manager is more safe than individual contributor.
Engineers always work hard and if it should be fair enough, engineers should have been laid off only when they under-performed. In reality, top management made mistakes in business decisions, but they are not laid off. They laid off engineers. It is not fair to give such a penalty to engineers who worked hard. Engineers should receive penalty only when they under-performed than expected.
However, in reality, engineers, especially individual contributor would be vulnerable to the future layoff. This was the lesson through the recent layoff.