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Yeah, I'm feeling that too. We've been told to 'do more with less' which I guess is corporate speak for increased workload without more resources. Hiring seems to have completely stalled in my division, and even internal transfers are being scrutinized heavily. It's making it tough to plan any long-term projects when you don't know if key people will still be around. Definitely a different atmosphere than a year or two ago.
Interesting to hear someone else bring this up. I'm in a different part of the business, but the 'efficiency' buzzwords are constant. Projects are being re-prioritized more frequently, and there's a definite push to consolidate responsibilities. While no one is panicking, there's a low hum of anxiety about job security, especially among newer hires. It's making for some tense team meetings, that's for sure.