I've seen and heard a few people mention their managers told them to start looking because they're about to get the boot. Do managers really know already who's going to be affected? If that's true, then what's the point of waiting in telling all of us? To prolong our misery?
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My boss said he knows already, but he can‘t say anything, as layoffs in Germany are not that easy due to the labor laws here, so he has to wait for the negotiations.
Low level managers are told 1 or 2 days in advance. If your product or department is not profitable, you are at high risk.