I have but it's rarely done by buyouts or with same IC mass layoffs. There is also generally less managers.

Most of time, it's after all IC, they look at what's left, decide what moves to make and lay off the managers.

However, I have seen more and more where managers are told what's happening and they find new jobs before layoffs.

For non-Americans: IC = Independent contributor = employee without people reporting to them

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The same reason you’ve never seen the US Congress meaningfully change anything about their role, compensation, etc.