No, they would just tell you that you're lucky to still have a job. Even if they gave you a raise, you just increase your chances of being a layoff target since you cost the company more now. If you are saved from a massive layoff like that, you seriously need to find something new because you are next on the chopping block no matter what.
It actually isn't. Often the voluntary separation offers the most severance or is close to it. Everyone left now has a ton more work to do while being paid the same and knowing that you won't be getting a raise or bonus. Everyone is waiting for the next round of layoffs. You also need to be careful that you don't make a mistake that would allow the company to fire you without offering a severance (I know one person who grabbed something from a late-night cafeteria and forgot to pay for it and was promptly fired the next day).
From what I've heard from amigos working for big ISPs, you can often get 3-6 months of salary, and if you have decent skills (i.e. you've got job options) then it's often a paid vacation while you shop around for other gigs.
Meanwhile if you stay you know there is great acrimony ahead, big changes, lots of clueless newbies coming in, and potentially a crazy-high workload until the dust finally settles.
Why stick around when you can chill for a month, burn one-hitters until your homie at CenturyLink hooks it up, and bone up on certs or skills.
Healthcare added +32k jobs, the majority of which were ambulance drivers/EMS jobs
Manufacturing added +27k jobs, mainly in chemicals and heavy metals
Transportation and warehousing added + 25k jobs, mainly in package delivery and warehouse work
Business services added +32k jobs
All other sectors remained largely unchanged
I don't think a 50YO radio engineer at Verizon is going to be happy retraining to be an EMS or package delivery courier. Labor, especially older and higher paid (non management) positions, is not in the best position right now despite the record low unemployment rate