I can agree with the first two. But layoffs are more often the result of incompetent management failing to find a profitable use for the existing workers.<p>Or sometimes they&#x27;re caused by management playing the &quot;Let&#x27;s cut costs to increase returns so we earn more from our shares&quot; game.<p>Big layoffs are a management failure, not a hiring failure. Realistically, how likely is it that a company that&#x27;s been running profitably for years suddenly discovers that thousands or tens of thousands of staff were a poor hire?