Third round in twelve months. We stopped believing the reassurances.

After the first round we were told the company was in a stronger position. After the second round we were told the restructuring was complete. After the third round they didn't really bother with that kind of language any more. By the third time, nobody believed anything. You'd go to an all-hands and watch people's faces during the "we're optimistic about the future" section. Nobody's face showed optimism. Just calculation — am I next, can I afford for this to be my last paycheque, where else could I go. The morale damage is cumulative. Three rounds in twelve months doesn't just affect the people who leave. It hollows out the people who stay. The talent that has options leaves voluntarily. What remains is either loyal to a fault or too trapped to leave. That's not the workforce you build great products with.