Impact of Layoffs on Team Morale and Workflow?

Seeing these reports of layoffs at Netflix, and honestly, it's starting to affect the general vibe. Even if your team isn't directly hit, the uncertainty hangs heavy. We've seen a few rounds now, and each time it feels like we lose institutional knowledge and the remaining folks have to pick up the slack. Does anyone else feel like productivity is taking a hit because people are constantly looking over their shoulders or are too busy trying to cover for departed colleagues? I'm curious how others are managing this. Are teams becoming more siloed? Is collaboration suffering? It's hard to maintain momentum and innovation when the foundation feels shaky. Any advice on how to stay focused and productive amidst all this, or how managers are trying to address the morale issue?