How Much of a Problem Is Overstaffing?

Is overstaffing to blame for all the recent rounds of layoffs? The theory is that companies hired too many people and are now correcting their workforces to be at the numbers they supposedly should have been at. The only tech company that has been immune so far is Apple. It's a callous way to explain the abrupt end of employment for so many people. Yet it does introduce the perhaps unanswerable question of what the "right" level of staffing really is.

This question may be missing the point entirely. Many large rounds of layoffs often have less to do with the relative value or necessity of those workers and more of a short-sighted tactic from management to create a short term spike in shareholder value. Every time layoffs happen, company valuation predictably goes up.

It's the perfect outcome for an immediate-win oriented executive team. Who cares about the negative impact to workers lives, or fueling a demoralized culture or all the negative PR? As long as the stock price keeps going higher, that's all that matters. It would feel too cynical as a conclusion if there wasn't so much recent evidence that this is already happening.