Only those who do not think long-term can have such opinion. Cheaper labor unfortunately cannot fix anything in this company and way too many things need to be fixed anyways.
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They cut too deep already. Knowledge and years of experience down the drain. Work will not get done. The quality of work will reduce and then the rehiring process will begin again. Rinse and repeat.
If you don’t think it’s broken (or don’t care) anyone is fine!