Resource reduction

My employer has recently decided to redirect the project that I'm working on. This is a euphemism for saying that the project has been canned. Along with my project, another project has also been canned. Due to budget restrictions and other reasons, one new project is being created to replace both canned projects. This new project will comprise of members from both canned projects. As you can imagine, there will be redundant employees and there will be a need to eliminate them. These resource reductions (lay-offs) will occur in the next weeks. The rumor at the moment is that about 500 to 600 people will be eliminated from the division. I've heard that people have already started working on their resume-maybe I should too.

Hopefully, I'll find out more in the next few weeks...