100% agree with this. Built our startup around this concept. Most managers have no idea how to be "good" and receive no training... largely stumbling through using trial and error on their direct reports.
When business is good, and projected increases in various metrics are being met, everyone is fine. Then once the metrics start falling short of projections, changes start happening from the top down to meet the metrics, which usually involves cutting costs. This is when life starts becoming worse for employees. Then, if the business survives, projections start being met again due to being more conservative with projections or the business environment improves. As long as the metrics are being met, all the bosses are happy, and life gets better. Then the projections go too far again, and rinse, repeat.
it's more about throwing the fish back in the water until you find the right one.