Each team that lost people will be expected to pick up their work. There will be no backfilling, no pay raises, nothing. I've seen it happen before and it'll happen again. Yes, we might still be here, but we're just as sc--wed as those who were laid off. Maybe even more so.
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@OP Not certain I agree with this... we at least still have our paychecks. Gonna try and stay resistant to the "extra" work although it is immediately starting to pile up