For people who want to continue and do not see immediate threat to your position, try spot weakness in other departments and make suggestion to your manager(s) so the future axes would hopefully fall on others.
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spot on. no point staying, its a sinking ship as others have said.
I am an Engineer. I didnt get axed. The job market is hot. I can easily find a new job that pays comparable or more. But it looks like some of my colleagues who got axed are in a better position. They got all stocks vested, some of them got many months of pay as a part of severance packages and I am confident they will find a job well before their severance package expires. Even though I didnt get axed, it looks like they got the better deal here because AFAIK, there is no strong incentive for those employees that are retained!