ELT has made sure to create such horrible work conditions and work environment that they have no need for more than an occasional small layoff. People are leaving on their own in droves. Attrition on my team is atrocious, and I know it's like that throughout the company.
ELT is cutting costs by getting rid of people while saving on severance. Brilliant strategy, when you think about it. Immoral as well, but nobody cares about that when it comes to business.