The age thing is a separate issue. Because turnover was so low for so long the average age of the company's employees is very high. Compared to the average age of employees at competitor orgs, it's extremely high. That does not look good for IPO. A workforce that skews heavily older is expensive and more prone to health problems and more prone to quitting if the company is acquired and changes most or all of how the company is run.
A large round of VRB would solve this problem pretty quick. If it's true that we have seen the last of the buyouts then we can expect to see more people retiring or being laid off a little here and a little there. The pockets of layoffs will create a climate of fear and distrust if the leadership is not transparent about what is going on and why. someone posted a link in another thread that described very well the effects of this approach and remaining employees. It might feel kind or look gentle, but it is not the solution.
Bumping from @2ord+1qWwYHtW.