As the power shifts to the employees, it becomes possible for employees to reduce output with impunity. Employers don’t have much choice, since you can barely fill the positions you have. It’s more expensive to replace a low performer than to just keep them.
But if some employers are forced to do layoffs, citing the economy, other employers definitely can seize this opportunity to embrace the power pendulum swinging back.
As some anecdata for seasoning, some of the higher ups at Salesforce told me they were pretty ticked off about how the employees seemed to have declined in engagement and productivity. So I bet this is a joyous occasion to let the bottom rung go and move the power pendulum back to the employer. You drop the bottom and expect more from those left. Double win.