As disgusting as this whole situation is, it works perfectly in their minds. They are going to try to achieve the same or better level of efficiency whit a lower headcount of workers. In parts of the company where that will prove impossible, they are just going to hire back, maybe even the same people they let go, of course for lower pay.
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This is ludicrous thinking is inspired by outdated management concepts brought on by Franklin Covey and a few other consultants. UP enabled this type of group think. Just use synergies to make everything work. Throw out the idea that there are finite resources. People are your number one finite resource.