There seems to be no rhyme or reason, and the parameters are different all over the place. My wife's team let go the four newest hired managers to the team and the two newest coordinators (she had more company seniority than half the team and would have been fine). They said it was about money but they kept all of the senior managers who take home more than anyone else? Our friends team let go anyone with less than 10 or more than 20 years with the company. It is what it is at this point, but we honestly thought we'd be safe and here we are.
An informative post from @tte+17j0YHPO, bumped to the top so more people could see it.