I have 37 staff (includings: 1 Manager, 1 Assistant Manager, 1 Senior Executive - AsiaPac) altogether in Asia pacific. I'm requested to give 21 names list.
I'm sure if you were me, it's not going to be that easy to accomplish such task especially someone rice bowl.
That leaves 16 staff. You need to do the following
1) Recast your team with the best 16 that are able to to carry the new objectives of your business. There will be some who are really good but their skill set may not be needed.
2) Don't propose paycut. They will immediately know that you have little clue about PL businesses and basic HR methodology. Paycut only works in some circumstances, usually symbolic and must cascade from the top to work. Applies to whole organisation or the upper ranks. Paycut will actually drive your best people to leave.
3) Nobody in his right frame will have retrenchment unless the business is bleeding. Its part and parcel of business. It is how it is applied and the mechanics of it that will show if it professionally or badly done.
4) If you are not aware of the new direction or objectives of your team and the organisation, bring along 2 or 3 different models of the 16 staff that may apply to 2 or 3 different possible scenarios. It will show that you have foresight and a good manager.
5) Do not discuss retrenchment with your staff. It makes the situation worse. Do not confide with one or a few, it will leak. Staff will be stressed out if told with no details. Unless your staff live in a different planet, they would know the company situation and it will not be a surprised.
6) If possible do some planning and offer some plans to increase revenue if more staff are able to be retained. You must show the sums and revenue opportunities clearly. This is where you can help the staff.