Friends, the company has just shattered the myth that a job here is stable and that the life here would be on predictable lines. This certainly is not a routine layoff. Employees stayed for long despite the lowest hikes, just because human factors like -stability, WFH, empathy, work-life balance . But such factors are demolished now. Since last 2-3 years in most teams the work-life-balance has gone for a toss. WFH is held as a crime in most teams (even of your team still allows, will you still risk taking in the present circumstances ?). Hikes/Bonus irregular and not meant for everyone in the team....the list is long, but hope you get the drift.
So because of the uncertainties involved, it's prudent to have some Plan B (even if you are a retirement candidate, there should be some backp plan). You will actually be foolish not to have one. The mouse cannot wish the cat away, just by shutting it's eyes.