Throwaway for obvious reasons. I'm probably going to have to lay off several dozen people, which I've never done before. Needless to say I'm not looking forward to it. What advice do you have to make it as decent as possible both for those who will be laid off and those who will remain?
(Probably helpful if you note whether you are someone who has been laid off well or poorly, someone who has laid people off, or just have thoughts about it.)
First off, if you're going to do layoffs, make sure it's one and done. This means, probably cutting more than you have to so that you don't have to keep making layoffs in 6 months, etc. The quicker you can get back to hiring, the better it will be for morale.
Layoff your lowest performers first. If you don't, then your top performers will leave you, and you will get crippled within less than a year. Don't do something like ask everyone to take a paycut, because it means that your top performers suffer just as much as your low performers. You should get rid of your low performers quickly.
Try to give as generous a severance package that you can. And meet with each of them face-to-face if possible, but with several dozen it's probably impossible.
Make it quick and let them leave with dignity. That means let them say bye to their friends, and making sure that every single question they may have answered. COBRA, unvested options, Unemployment benefits, etc. Personally I wouldn't escort them out or lock their accounts unless you think that they are going to cause problems. Hopefully they won't.
Do all the layoffs before lunch. Have a meeting with the rest of the company after the layoffs, after lunch and explain why you had to do it, and explain your plan to ensure that it doesn't happen again.
Never tell the employees how YOU feel. No one cares.