I have no idea what will happen, but it sort of sounded like (from the limited reporting that's been done) they'll focus a bit more on managers / non-ICs this time -- if it happens at all.
It is kind of nasty to think about the timing though. If true, they kept those managers around to do the very undesirable and time-consuming performance cycle (yearly review) work and will be letting them go now that the process has concluded.
Official perf reviews recently switched to yearly, but there's a "touchpoint" every three months, which is just a very light perf review with no ratings/direct outcomes until the annual one
It is kind of nasty to think about the timing though. If true, they kept those managers around to do the very undesirable and time-consuming performance cycle (yearly review) work and will be letting them go now that the process has concluded.