That's a big if, though.

Executives doing layoffs also tend to do them quickly and plan them in secret in order to reduce the chance leaks. That means they are deciding who to cut with very limited time and information. They make lots of mistakes.

Both times I've been through large layoffs, I saw skilled respected peers get the axe while deadwood didn't. It causes the loss of valuable employees and completely destroys respect for executives who are apparently so clueless that they don't even know which of their employees are worth keeping around.

Of course, every company is different.

I hate the false positive (including a good performer incorrectly beyond that required by the depth of layoff) more than anything else for its deep unfairness to the individual, the team, and the company.