Earlier quoted context omitted.
> If you cut 10%, expect 10% from the top to flee within a couple of years. If the company was laying off the deadwood and the quiet quitters, the top performers know who they are, and are not concerned about being laid off themselves. Top performers don't particularly care to work with deadwood and quiet quitters, either.
> If the company was laying off the deadwood and the quiet quitters That's a big if, though. Executives doing layoffs also tend to do them quickly and plan them in secret in order to reduce the chance leaks. That means they are deciding who to cut with very limited time and information. They make lots of mistakes. Both times I've been through large layoffs, I saw skilled respected peers get the axe while deadwood did…
I hate the false positive (including a good performer incorrectly beyond that required by the depth of layoff) more than anything else for its deep unfairness to the individual, the team, and the company.