Unless this is a stealth 'cuts by attrition' program, they're just ensuring that as employees are ready for promotion that they go to competitors to continue their careers. This will cost the company in the long run.
I worked at Dell for many years. Here's the secret: getting promoted was a dead end there anyway. They hire you out of college, or young, and try to convert you into some suit wearing infant who makes a lot of slideware. You become unhireable and worthless on the market. Every single person I've ever worked with left that place, and most of us are making anywhere from 4-5x what we were making. There are, once in a blue moon, a few tech promotions available, but it's the exception, not the rule.
It's really no great punishment for people on technical paths, they're going to leave anyway. It's the overhead functions that will feel the pinch. I guarantee you this is happening because Dell is trying to negotiate with the city for some tax break, and the city wants something in writing that there will be people physically present paying taxes on Dell's behalf, or no deal.
To be fair, most companies negotiate these tax deals and there is a lot of rage by cities, especially in Texas, as employees fly away. Texas is going to be hardest hit by remote work, since it has always had the model of letting corporations stay mostly rent free, and pushing the tax burden onto the population. I look forward to some kind of future where states entice people to live there, rather than corporations which are mostly a burden.