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Promoted several top performers. To fill the vacancy left from this, they then hired several incompetent, inexperienced people to fill the leftover roles, who unsurprisingly underperformed.
Well then wouldn’t you know it, our profitability went down.
So then they start several rounds of layoffs where they fired all of the top performers who had been promoted accusing them of, ironically enough, poor performance for the first time in their entire career at the company.
Throughout the entire process the same people who were eventually fired were reassured they were safe.
The underperforming idiots still work here, they just shifted some of their responsibilities on to other people like me in other departments so they have less room to fuck up.
The cherry on top of that which most of the company doesn’t know is that they considered firing the under-performers and demoting the people who were promoted instead of firing them, but they thought it would make us look poorly run in front of our clients.
Oh and they froze our yearly raises and bonuses, meanwhile our CEO got a raise even while making more than double the average for a CEO of a company our size (8 figures).
Dilbert principle