I've worked at a few small to medium sized businesses that went through layoffs. At that scale, you can corner the CEO and ask them about it (i only asked years after the event).
There's no easy way out. I'm sure the big guys are all run by sociopaths, but the few i talked to really struggled with it. It really boils down to, some people are out of a job today, or everyone is out of a job in 6 months.
This also includes the early detection of impending doom where everybody takes a 10% paycut - executives take a lot more (for a while anyway). So you can get away without a layoff. That guy felt the business would have been better if he let 10% go. The one time event can start healing immediately. That twice a month reminder of how much less you're making keeps the wound open a lot longer.
I've never met one who didn't (effectively) say "I failed and those folks paid the price"