There are a number of companies that have not had any layoffs during this (or prior) downturns in the economy. The operate lean all the time. Yes, they don't gain quite as much revenue as some of their competitors during the Bull Markets, but they always maintain high quality margin levels (which is their goal). Too many companies chase the growth curve (I call this the revenue "rabbit") and go through the endless reorganizations and layoff cycles, both of which eat in their margins and increase their expenses. The key metrics that I look at to determine how well a company is run are:
Their annualized margins,
The revenue/employee,
The number of employees, and
The # of new products / Total number of products in their portfolio.
Companies that are run efficiently (all the time) and who continually improve their processes and introduce new products are able to maintain consistent staffing levels, provide consistent margins, and deliver sustainable value to their customers, stakeholders, and their employees.
But, ... that takes discipline and leadership.