In this longitudinal study, the authors compared 1,244 white- and blue-collar workers who reported 0, 1, or 2 contacts with layoffs; all were employees of a large manufacturing company that had engaged in several mass waves of downsizing. Consistent with a stress-vulnerability model, workers with a greater number of exposures to both direct and indirect downsizing reported significantly lower levels of job security and higher levels of role ambiguity, intent to quit, depression, and health problems. Findings did not support the idea that workers became more resilient as they encountered more layoff events. The authors found only partial evidence that the similarity or dissimilarity of the type of repeated downsizing exposure played a role in how workers reported changes in these outcome variables.