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Although I agree with you, you are also making an assumption that certain managers are not hiring mistakes as well. Managers can be just as bad as employees. Especially in a big company, bad managers can hide behind smoke screens by shifting the blame on employees.

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Do we know there aren't any managers leaving? Where I work when they do this sort of thing only the very top layers of management are secure.

I think the assumption there was more that, for the purposes of that sentence, all employees are workers. Managers are just employees that are assigned to manage people.

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