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Get everyone in the company to a meeting.
tell then it's bad times, you have to let go of 12 people in 30 days unless something changes.
ask everyone to brainstorm what they each can do for the company to turn the boat around and that you will have individual meetings next week.
you will see then who is valuable, get new input and you can be the good guy that "saved 4 positions" when you only let go of 8 instead of 12
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Skype: Due_Global
/Due
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