I retired after 40+ years in high tech and the last 20 at Cisco.
I was never laid off although I faced many RIFs over 40 years with a number of companies. As a manager, I always told employees to make themselves as marketable as possible both internally and externally. That simple philosophy always worked for me but it wasn't easy. For example, I did 10 years at Digital Equipment Corporation before landing at Cisco.
The first 5 years at DEC were great, the last 5 years not so much. I faced layoffs on almost a quarterly basis. Big companies usually have abundant jobs that you can apply for provided you have the right skill sets and the job posting is more than perfunctory.
At Cisco, there was definitely company loyalty. The first 10 years I was there we had profit sharing and a lucrative employee stock/bonus plan that was performance based. You didn't mind putting in extra hours knowing that you would be rewarded with stock options and bonuses. It was the best 10 years of my professional career. That all changed when the laws on stock options were changed and Cisco had its first layoff. Company loyalty went out the window.
The worst thing for a manager is to have to deal with telling someone their job doesn't exist anymore. Lots of sleepless nights knowing what the employees would be going through. It always s---ed having to lay someone off knowing it was even worse for the employee. Sure glad I made it and retired with most of my sanity. Good luck all!