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It is the same script every cycle. They roll out the buzzwords to sound progressive while they quietly gut the departments that actually keep the lights on. The backfill freeze is the biggest red flag; they want you to absorb the workload of the people who just left until they decide you are redundant too. Start polishing your resume now, because the 'streamlining' never ends until the headcount hits their target number for the quarter. Don't wait for a formal announcement to realize where you stand.
I have been through three of these 'transformations' at JCI, and the outcome is always identical. They talk about operational excellence to mask the fact that they are just slashing overhead to make the balance sheet look attractive for investors. The 'high-growth' talk is just a distraction from the reality that legacy divisions are being bled dry. It is exhausting to sit through those town halls and listen to executives pretend they aren't planning the next round of cuts. Keep your head down, save your money, and start looking for an exit strategy.