I would expect them to discourage taking it.
Managers want to pick the people they want to get rid of in the ISP instead of giving employees the choice with the VSP, and maybe lose people they didn't want to lose.
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My manager said he hopes no one on his team is taking the VSP (two are, unknown to him). Though I think that is mostly because we are a close knit group. I don’t expect to be safe during an ISP regardless.
Maybe he knows how big the ISP will be.
My director kept saying that it's a very attractive offer, somewhat implying that we should take it.
But if my manager told me not to take the VSP and then I got laid off in the ISP I'd be pretty unhappy.
If my manager asked me not to take the VSP, I'd feel better about my chances in the ISP.
The SLT probably want you to take the VSP to cut headcount without much fuss.
Your local managers probably don't to keep control, like you said.