The fact that employers publicly announce that they're laying off their "lowest performers" is shockingly cruel. Not only are you depriving someone of their livelihood, you're publicly branding them as a poor performer to harm their ability to get a new job.
That's not something you do simply to cut costs, that's targeted intentional cruelty to terrorize your existing employees into overwork and quell dissidents.
@JessTheUnstill @catsalad This is part of a deliberate effort to lower market rates for software engineers. By flooding the market with laid-off workers, and by labeling many of them as “under performers,” they can drive down salaries across the industry. This is their way of resetting and gaining the leverage in hiring.