There is no data or interesting analysis here. I would have said: 1. Recruiting time wasted 2. Sunk cost in training and networking employees to one another a

There is no data or interesting analysis here. I would have said: 1. Recruiting time wasted 2. Sunk cost in training and networking employees to one another and the culture and technology and problem domain 3. Laid off employees go to competitors and transfer key secrets to those competitors 4. Incompetent employees tend to gang up on competent employees every time so you are almost guaranteed to lose your best talent and get left with dunces I would also guess but can’t establish that layoffs make the company more homogenous so you shave off the outliers Another damaging thing I see is id your best leave and then recruit your remaining best then you get double losses