Salary and benefits are likely the biggest drivers of these cuts, people talk tech and AI but I am not sure if these are primary drivers... Anyway we (and others) may use opaque AI tools to hit cost-cutting targets, which can overlook performance, tenure, and so needed knowledge. High earners (even strong managers) can be cut simply because they just cost more.
Not sure how much we can change here but we can be ready. Polish your resume and stay alert. Leadership answers to shareholders not us, and layoffs are often the fastest way to cut costs when stock performance drops...
I know most of you are already aware, so I am preaching to the choir.