Many companies implement layoffs during economic uncertainty. Evidence suggests layoffs frequently fail to achieve lasting financial benefits. They can also significantly harm employee morale, innovation, and customer loyalty. Many leaders now consider other options instead of job cuts. Companies like Southwest and AT&T successfully used reskilling, furloughs, or reduced hours.
https://greatergood.berkeley.edu/article/item/how_layoffs_hurt_all_of_usand_what_companies_can_do_instead