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One consistent thing about these layoffs seems to be how "random" they are, that it doesn't seem to be performance-based.

That pretty much eliminates any motivation someone has to be a top performer.

If you want to protect your employment, kicking ass at your job isn't the way to do it. The only way to do it is to be the only person who understands x, y, z modules in the codebase. Become unfireable.

If you're a top-level manager and don't see the moral hazard that creates, big oof.