Enough people are leaving to negate the need for additional cuts, at least in my opinion. What concerns me is that management - at least in my group - is refusing to backfill any positions. The more people leave, the harder it becomes for the rest of us, with no relief in sight. That is my main issue right now.
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my group is down by 5 people and the amount of work over the last 6 years has nearly doubled, we are way behind schedule
That should be another warning sign for you to leave, honestly. If a company isn't investing in replacing people, that means they were always planning to lay those people off. Those people who left did the company a favor, which is why they aren't hiring replacements.