And the next step after "how are we going to stay afloat" is usually "oops we're not". The first people to leave are the ones who can easily find jobs elsewhere

And the next step after "how are we going to stay afloat" is usually "oops we're not". The first people to leave are the ones who can easily find jobs elsewhere, and who are smart enough to see the business writing on the wall. Cut perks and you end up retaining only only the bottom X% of your workforce.