I have seen the impact of dozens of WFRs over the past few months. Some of these were top performers or had intimate knowledge of active systems, relationships with vendors, and customers. Some projects had to be restarted with new people. So much knowledge lost including system passwords, legal requirements, and steps to perform important tasks. It seems the teams were not consulted when someone above put their lists together. In some cases there had to be exceptions requested because no one else could do their jobs. A bunch of other employees resigned rather than wait around to get a one-day notice before their health insurance was cancelled and they were thrown into chaos. 24 hour notice is given.
We got a pep-talk on an all-hands a few months back that was so totally tone deaf, complete with how the company is sponsoring a racing team and buying companies while laying off a ton of people. The exec was asking everyone to "learn new skills" so they stay relevant and valuable. Not what I saw. Layoffs happened to folks who learned new skills and were striving on projects.
There's an article out about how DXC used layoffs to try to boost their stock price and are getting sued for it, and an earlier article on how they plan to hire 10,000 developers from India.
Pay raises don't exist even for top performers who scored high on a "calibration" exercise where managers were asked to give out grades (1-4) for each of their workers. The grades of 1 (best) got absolutely nothing. Promotions to new positions don't come with raises.