Highlight from this press release about the article
Perhaps the most striking finding in this study of quitting rates in some 200 companies was the considerable exodus that even a small downsizing could set off. For example, companies that laid off a mere 0.5% of their workforce sustained, on average, a turnover rate of 13%, a rate that was 2.6 percentage points higher than the average turnover rate of non-downsizing firms. In other words, an extra 2.6% of the workforce left of their own accord, more than five times more workers than were laid off.Although the release doesn't mention it, who do you think are the employees who are most likely to leave after a layoff? Probably the higher quality ones who have better job prospects, leaving companies potentially understaffed with lower average employee quality.