Perhaps some people believe that is what happens. But if I were a talented employee, I'd see an 11% staff reduction as a sign to stop ignoring those recruiter emails.
We had layoffs/firings here and that is what happened for a lot of people. There is no point in sticking around when the same moronic manager is kept around while talented, productive people are forced out. Many of us are only here until our shares vest. Our stock price has taken a huge hit as result.
Which means the best employees are the ones most likely to leave. The ones who weren't fired, but who can't easily get another gig are what you are left with. It's a tough cycle to beat.