The company was bought via leveraged buyout, so the mindset is "repaying debt", not "growth". The revenue/performance is high despite cuts, but the company continues to remove benefits, doesn't fill empty positions, replaces full teams with offshore workers & pushes for uncompensated "promotions"
The new parent company is toxic. The mindset is clearly to gut the company, replace as many positions as possible with offshore, continue removing benefits, leave vital positions empty & generally make short-sighted decisions. They could at least reward existing employees for keeping the lights on.
Properly compensate the employees who are left. The company mindset is that of "reduction" despite continued solid revenue & performance. If the mindset can't change, at least reward employees with a fraction of the savings who are taking on 2 or more closed positions and new uncompensated tasks.
In early years at the company, progress was fast and skill could be showcased and rewarded. Over the last 3 years bureaucracy & red tape (in builds/deployments) have scared off new devs and slowed projects to a halt. This was implemented without clear reason or a measure to gauge effectiveness.