I have some suggestions that might save your company.
- Convert ALL salary people to hourly. Clock in/clock out. People should only get paid for the time they are actually contributing to the company. This would eliminate double-dippers (2+ jobs), people sleeping in their cars, checking out to "pick up kids from school/daycare", etc.
- Remove social media from work. I saw way too many people spend their day online when I was there. Just block all of the offending sites. This site is already blocked in Oregon.
- Fire most managers. HR should be dealing with time off, etc. You can eliminate most 1st and 2nd level managers and wouldn't notice a difference. You might even see an increase in productivity. They are usually the narcissist roadblocks causing project delays.
- Your VP's getting paid $500k+ should earn it. They should be managing their divisions and projects. They also don't need all of the career yes-men surrounding them.
- Fire all principle engineers and fellows. I can't honestly say I have ever seen them contribute to anything new or groundbreaking, or even do something useful to keep a project moving. They usually just pop into meetings long enough to cause trouble and project setbacks, then leave.
- Move annual reviews to an external testing company. Make all employees take an annual test like the ACT/GRE to justify their knowledge base and salary. Make it so employees need to pass with high score in their field of work to get promotion, pass with C or better to keep job, and demote people who just aren't cut out for the job.
There's probably more, but this would certainly help flush out the people who have helped spiral the company.