1. Don't over-hire in the first place
2. Don't do lay-offs, explore other options like universal paycuts or (IMO) particularly pay cuts for execs
The post has a lot more suggestions if you've committed to layoffs.
[0]: https://www.linkedin.com/feed/update/urn:li:activity:6942572...
I suspect that would just get all the best employees to leave pretty damn quickly, especially if other companies aren't doing paycuts. All for doing it for execs, though. Don't think you'll lose much by letting them jump ship.
As an EM, I would much rather get the opportunity to prune under-performing engineers than to have to tell every member of my team I'm cutting their comp, knowing that the best couple will leave quickly afterwards.
An EM is not a king. The process for shedding an engineer is typically long and arduous - a quarter for coaching, then another for a "soft performance plan," and then another quarter for a PIP are not uncommon standard HR practices. God help you if your under-performer is based in, say, Germany.
Regarding a hiring bar, typically an EM may have gotten some say in some of their people, but for the most part not. The suggestion that an EM "giving feedback" is sufficient to improve all employees to a high technical bar is hilarious.
An EM needs to understand the organizational, political, and HR climate of their org. Use what leverage you have to deliver the most impact. Often, that means not going out of your way to expel mediocre engineers, but rather using your resources to propel the rest of your team members to success.
I'd personally like what happened with one employer. They said there was budget issues and that anyone who wanted to go were offered to be let go with severance. The company is in a slightly worse position that they can't control who took them up on the offer, but it meant that everyone who stayed still wanted to be there and were dedicated to the company post cuts.
Best solution is to hire better next time, and fire underperformers or entire product organizations.
I still have a lot of contacts there and apparently the company culture fundamentally changed after the great 2020 layoffs and many of those contacts left by choice, saying they had no idea if they'd be next if it looked like "tough times ahead" again. Only one friend still works there as a senior dev and he's starting to feel like even his job is on the chopping block now because he has no trust in management anymore.
I mainly just find it sad because that company was a great place to work for the years I spent there, and I believed in their mission statement.
Once the entire company was acquired for scraps, everyone was let go. We all had lunch, hung around the office and joked around and called recruiters. We all had jobs lined up because we knew the end was near. I had actually unofficially talked to one of our clients to get a contract if the company folded.
How hard should it be for software engineers working for one of the leading game engine developers to find a job?