The problem is that such voluntary separation programs tends to disproportionate attract high performers. You're losing the "10x engineer" who has stuck around because they like being here - despite getting attractive offers from the competition.

The mediocre people who dread looking for a new job during a hidden recession aren't going to leave. They can't afford the risk of not being able to find a new place of employment before the severance pay runs out.

These high performers will leave anyway if they see their environment drastically changing or feel the tide turning, except they'll do so months after you ripped the band-aid.

It's not that different from making it part of the process in the first place.

I don't think people doing layoffs are thinking far ahead. In my unqualified opinion, it's either to stop burn or to generate short term profit.

Neither of these groups are valuing long term expertise