When asked why our end of year pay raises are way below inflation for the second year in a row, given the company's +15% y/y profit, Management explained that “…the pay raises were kept low so as to lay off as few people as possible should the recession hit next year.”
We had massive layoffs at the beginning of COVID (unrelated to the pandemic itself, it was poor management) so of course many employees still have lay-offs PTSD and might not object.
Makes me wonder how many companies use this recession boogeyman to disguise their greed. Don't fall for that crap.