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It sounds to me like your team is not super important (right now?) to the higher-ups in the company. Obviously I don't know the details, but they're very intentionally attritioning (? Attriting?) the team by any reasonable definition.

Without any other detail, from my experience (10 years doing Eng Manager/Senior Eng Manager roles) I'd advise you to start interviewing. Not necessarily because you're in jeopardy, you'd know that better than me anyway. But think of what you want out of your job: One thing should be professional growth -- going from a new EM to a great EM and being set up for future promotions. You won't get that here without a major mindshift from your boss (and probably up the reporting chain from them too).

Interview and when asked why you're leaving when you just became an EM, say "I love my new role and the team, but XYZ Co seems to be deprioritizing or phasing out the ABC team and I find myself without the resources we need to be successful."

In all seriousness you need to be looking for a new job. Like now! Because you and your role will be next in line to cut.

The good news is you have management experience now so you may be able to land another Manager level at a company that is not in a downward cycle.

Sounds like you're fucked.

In all seriousness, the trick is not to burn yourself trying to change things you have no control over. Maybe that's means letting the company burn.

> I need to continue delivering at the same capacity with a significantly scaled-down team.

I'd start by thinking through how much of that "need" is real.

What is driving the things your team "needs" to accomplish? What hard external constraints are you operating under? What are the interaction points between your work and the rest of the organization? How much flexibility do you have? And, holistically, how much flexibility should you have?

After that, it's a matter of negotiation. Given some understanding of the real constraints as well as the personal/political factors driving your manager, how can you come up with a better approach for your team and your work? I personally found the book Splitting the Difference really useful for approaching these sorts of conversations, but I'm also not especially good at that sort of thing naturally!

Unless you have an absolutely awful relationship with your manager, a starting point would be asking these questions to them. The trick is to pose these as legitimately open-ended questions. I learned the value of this first-hand: if I'm trying to convince somebody about something, asking an open-ended question will either get them to rethink their beliefs or they will come back with an answer I didn't think of, and either way I got something valuable out of it.

At the end of the day, you need to find some way to have slack in your work, or the team will fall apart. Slack can come from changing what you're doing and how you're fitting into the broader organization, or it can come from factors the organization does not "see". That latter is where the real risk lies: that's the dynamic that results in unreasonable corner-cutting and then burns people out.

I should add that I have not been in this situation as a manager, but I have been in that situation as a lead with no formal, positional power. That seems similar enough to be a good staring point, but I'm sure it's different enough that you should take everything I say with a grain of salt!

One thing I've realized is that we talk about "plans" and "budgets" and "roadmaps" as something constant and immutable, but they're not. They're just decisions that the organization made. We can make different decisions! But that in particular might be a view that's more useful as a lead than as a formal manager, because it very much goes against the way most organizations are run. This realization changed my perspective on what's going on, but I suspect it would be impolitic to emphasize it when negotiating up the chain.

One more thing: when I've been in analogous situations, one of the difficulties I had was managing my own emotions. I'm still not especially good at that. But one thing that helped me was taking some concrete action to change things, even if it's small and symbolic. Just starting something—even if it means writing up some notes and setting up a meeting—immediately helped manage my own anxiety. It sounds obvious in hindsight, but it took me a while to recognize this! Now I have three coping strategies I reach for:

  - write up my thoughts and feelings—sometimes notes to myself, sometimes as docs I can share with others
  - talk to somebody—I got a lot out of having mentors to talk to in and outside my job; occasionally they gave me non-obvious advice I found useful, but mostly just talking through something really helped
  - do just *one* concrete thing about whatever is worrying me

Honestly, writing comments like this is also a coping strategy! I've repeatedly written about topics like this online and it has really helped me deal with things and work through my own ideas and observations.

In your case, the answer could well just be leaving like others are suggesting. But, even if it is, trying to do something about it at your current place might still be worth the effort in the short term. Even if things don't work out and you leave, it can make you feel better in the short term, and it's a great chance to learn how to handle this kind of situation by actually trying something. (And, in hindsight, that whole paragraph is advice I needed to give to myself just now more than advice for you or anyone else :P)