Cut once and deep, because round-after-round of half-hearted layoff uncertainty will eviscerate morale and drive away top talent.
I used to know people at RL and the average sentiment seemed to be hotter than hot shit. But it was bungling by someone in RL who shall go nameless about internal opportunity exploration I think got me laid off in retaliation by my direct line manager. Enough gots that ego sans cool to meet their professional crazy vs. hot ratio, and the ultimate unkindness is reducing folks to anti-Kantian interchangeable cogs to add 0's to billionaires' pockets.
My only partial claim of semi-coolness there was a 4 letter username (there) but otherwise I'm ancient and uncool.