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I've noticed something similar in my department. While it's not outright layoffs, the workload is definitely increasing for those of us still here. It feels like they're trying to get more out of fewer people. The 'voluntary' aspect makes it harder to pinpoint, but the outcome is the same: more pressure on existing staff. Hoping it doesn't lead to burnout.
It's definitely a weird time. The 'voluntary' departures are a common tactic to avoid the stigma and cost of official layoffs, but the consolidation of roles is a real indicator of cost-cutting. Management might be trying to present a picture of stability, but the strain on teams is becoming obvious. We'll have to see how long this strategy is sustainable.