From my experience when I worked at HP, there was a pecking order when it came to WFRs and budget conservation measures:
• Reduction in campus events
• Reduction in catered food
• Portfolio reduction, i.e. cancelled programs
• CW furlough
• CW furlough
• CW furlough
• CW headcount reduction
• CW furlough
• Non-CW ERP for those over 55
• Non-CW ERP for those over 50
• Non-CW IC WFR for those who struggle with performance but aspire to improve
• Mass Team WFR for the teams that struggle with performance
• Non-CW IC WFR for those who actually make great contributions, AKA "great talent"
• CW furlough
• Entry-level staff
• New hires
• Non-CW IC WFR for those who are brown nosers that got away with avoiding layoffs
• Managers
• Directors
• VPs
• C-Suite
• CEO
• Board of Directors
Going down the first eleven items on that list happen very quickly and happens very often at HP. At the end of the day, you're safer than someone with 20+ years at HP. They will get their ERP soon enough... probably next year.