Those 100% of employees will be affected by the decision to shrink costs regardless of staying or being let go.

I'd personally like what happened with one employer. They said there was budget issues and that anyone who wanted to go were offered to be let go with severance. The company is in a slightly worse position that they can't control who took them up on the offer, but it meant that everyone who stayed still wanted to be there and were dedicated to the company post cuts.

Why not implement it with an improvement plan that restores the cut pegged to profit/revenue? You could even throw in a cash/stock bonus at some threshold and even a raise?