Lack of talent
I been very vocal the past 5 years about the hiring of underperforming employees this company is paying. I worked with some people who call themselves “engineers” but don’t have the skills or the experience to take on big projects. If you get laid off, don’t blame the company. If you were good enough you will have nothing to worry about.
Every year, quarter and meetings I always voiced this issues to management. I’m happy they are taking action. Get rid of the dead weight and use that money to keep people like me around and hiring actual people with skills.