Laid off GitLabber here, the funny thing about this is the promotion season just ended. A LOT of people got promoted, so their employee cost is probably a wash after these promotions. Make of that what you will.
My company is doing the same thing. Layoffs haven't happened yet (but anyone who isn't in denial knows they're coming), but we probably had a record number of promotions.
The reason for this is that you want to butter up the employees you're going to keep before layoffs. Getting promoted after you saw coworkers you respect get laid off makes you feel gross, and companies do need to do something to increase morale.
The funny part is many people at my co. believe promotions are evidence that we couldn't possibly get layoffs.
Same at my company. I see that many people got a BS promotion because their bosses are good at politics. Meanwhile about 7% were laid off and our bonuses were taken away
