Yep, happened at my last job. I survived several rounds or layoffs, each with my manager reassuring me that my job wasn't being targetted. Even so, each time a few of our best people would find something elsewhere, even if their position wasn't being eliminated and they ended up filling it. Then my manager left the company which was my first warning sign, some people started finding positions in different areas of the business...then I heard rumors and ambigious announcements again. Me and several of our best people left shortly before hearing that our entire department would be transitioned to a contract position with an outsourced provider, which made replacing our positions that much harder. It wasn't quite a layoff but would mean we'd no longer be full time employees with all the benefits that entails and the contractor could basically do what they wanted with us after a certain amount of time. For those that stayed, I heard its not been great.