Also known as a 'Voluntary Departure Program', aka. layoffs that can't be pinned on the CxO levels for lawsuits wrt. age-ism or other banned criteria for layoffs, since it's "each employee's choice" but of course the company hopes all the older, higher-paid workers take the package.

This tactic is often proposed by Boston Consulting Group when they are brought in as consultants to 'help' a company. Management will tell everyone when it's announced that "it's your private decision, don't discuss with your co-workers".

Best thing for the workers is for to do the exact opposite: ORGANIZE, TALK: entire departments should decide amongst themselves that no one will leave, or that everyone will leave.

Everyone leaving is usually the better action for employees -- usually management will say at some point leading up to the decision day that "this is your chance, if we need to do cuts later, there will be no offer like this again!" And. They. Will. Cut. Again.

So take the package.

If any of them want to come back for juicy consultant fees, the company will make offers once they see over 50% of their staff taking the package, no matter how hard they swear "there's no coming back if you take the package".