The tech industry has swiftly swung from where they could not find enough people to hire a mere 9 months ago, to a surge of layoffs. The golden years have lasted long enough that there are people who are well into their careers and never experienced large layoffs.
For those who remain after a layoff, take some time to acknowledge the loss. After a layoff I have found the office is very quiet and grieving for the first week. The closest emotional experience I can relate layoffs to is a death, where the death is a piece of the company. Then, it is time to set the new course for the ship and give the company the best chance to recover and grow again.