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> Would you rather have layoffs at your company or have your company go out of business due to excessive labor costs?

I invite you to read earnings reports from any of the FAANG companies in the last 5 years. Go ahead, I'll wait.

Most people actually don't work at immensely profitable FAANG companies.

And yet they're so massive that them all doing layoffs at the same time despite that profitability has a huge impact on the labor market of the while industry.

If someone produces less effort than they cost, it's reasonable to fire them even if the organization as a whole is profitable. That's probably not what the FAANG companies did, but layoffs are not unjustifiable for profitable companies.

We're not talking about performance terminations here.

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