The company is top heavy with too many managers. SVPs, VPs, Directors, Managers. Look on teams, you can find managers who only have 1-3 direct reports under them. These new layoffs need to be happening at the manager level and above. How about getting rid of managers who only approve vacation and do PADR reviews and put skilled people in those manager positions. People who can do a hybrid role of a manager and still carry their own weight and work side by side with the people they manage.
Exactly what @cs+1jhpjnb3h said!