"If we reduce the number of employees for better short-term financial results, employee morale will decrease," [Iwata] said. "I sincerely doubt employees who fear that they may be laid off will be able to develop software titles that could impress people around the world."
https://www.polygon.com/2013/7/5/4496512/why-nintendos-satoru-iwata-refuses-to-lay-off-staff