I get the point, but I don't think that's universally true. Especially in the less glamorous corners of the tech industry -- yes, you have some younger people

I get the point, but I don't think that's universally true. Especially in the less glamorous corners of the tech industry -- yes, you have some younger people looking to bounce, but most of the people who actually keep the lights on have full lives outside of work and all things being equal, they'd rather stick around than deal with the hassle of finding a new job. They're only going to leave if you create a toxic work environment or underpay them by double-digit percentages. For those industries, I don't think they're getting much from the layoffs besides the short-term "we did layoffs" C-suite bonus. If you're in the Widgetmaker Control Systems industry, why do you want to make your workforce think they have to leave in 3-4 years?