If I'm laid off, I have to deal with one of the worst job markets in a long while but at least there's severance to lessen the pain. If I'm not laid off but others on my team are, at least I'll still have a job but at what price? We'll be expected to pick up the extra work and I highly doubt we'll be getting any kind of extra compensation. And I'm overworked as it is. There's really no good option here.
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I feel you OP... I am in exactly same position as you. It's not good...