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I've noticed the exact same thing. It feels like we are constantly waiting for the other shoe to drop while being told everything is fine. The lack of transparency regarding these 'adjustments' is what really kills the morale. Everyone I talk to is constantly looking at the door because it feels like there is no long-term stability left here. When the communication from the top doesn't match the reality on the ground, people stop trusting the company altogether.
Honestly, I stopped believing the 'business as usual' line months ago. You can only cut so many corners and freeze so many projects before the cracks show. It’s draining to come into an office where the atmosphere is this tense and projects are constantly stalling because of budget constraints. If leadership expects us to stay motivated, they need to start treating us like adults instead of pretending these layoffs are just random, isolated incidents. It's time they actually own up to the direction we're headed.