Yeah - this is becoming more and more common - very sad to hear it OP.
I think covid moved this along faster than it would have happened otherwise - if people can work from home then people in places with low costs can do the job remotely as well.
I have pretty much the same thing - been expecting it for several years but didn't want to leave during Covid - and now its happened.
The big thing saving us was customers did not want their data in places where it might get exposed - valid concern or not - perception is important when it comes to medical records, payroll, hr etc...
In the end they can pay someone 1\5th what I make and pay almost no benefits and they are happy with it - it becomes hard to not do that - especially when the competition is doing that.
The customers may not like it - hard to say - but if it saves them money they may be ok with it.
My advice having been in management and going through this myself:
Start looking ASAP - it can be easier to find something when you have something.
Don't say why you are looking when you interview - say you are looking for a new challenge or whatever.. have a positive spin on it. After you are laid off you have less choice on how to explain why you are looking.
I know its commonly known - but don't knock the current employer - I know its hard not to.
It may make sense to take the first round of layoffs - if you wait too long then there may be nothing left for you - or a lot less.
Also with the last few rounds they are less concerned with keeping people - they may hope some people will go on their own accord without severance
Start figuring out what unemployment will pay you and start planning - some states are really bad - others are OK.
Look into the health care exchange ASAP - some states are pretty good - others not so much - so understand what you can get. You do not want a gap in coverage - as I am sure you are aware.
Using a recruiter may help - but many companies won't hire from them as they are expensive.
This wont help you - but for those 55 and over make note of the rule of 55 for your 401k - not the best option - but if its your only option then its helpful - if your 401k allows it. Worst case you always have that in your back pocket.