If you really want benefit company, for the layoff, now have eveyone be peer reviewed by 5 people working on same project and 2 people not working on same project. Have managers, directors, and up be reviewed by reports. Then take an average rating for each employee. If it matches their latest regular rating then you got it right. If it higher then something fishy must have been going on with the employees management (negative points for the management), if it lower then emloyee's management must have been playing favorites (again negative points for the management). It amazing how much insight about business bottom employees have and shocking how deluded higher management are. Then make layoff decisions accordingly.
Also, regarding cost saving, have people work from home. This eliminate unnecessary meeting and a bunch if location can be closed. Does everyone need an office? Really? I wonder how much of actual work done can be done at home.