Yup, and there's a lot you can do to increase productivity:

• less time wasted in useless meetings - I've been able to cut ours
• more time off - less burnout means more productivity
• flexible work schedules - life happens, and I'm a lot more willing to put in the extra effort today if I know I can go home early the next day
• automate the boring parts - there are some fantastic applications of AI, so introduce them as tools, not replacements
• profit sharing - if the company does well, don't do layoffs, do bigger bonuses or stock options
• cut exec pay when times get hard - it may not materially help reduce layoffs, but it certainly helps morale to see your leaders suffering with you

And so on. Basically, treat your employees with respect and they'll work hard for you.