You're talking about two different things. A job cut is more than Bill Bloggs getting sacked you know. What if Eric Hippopotamous retires next week from his 40hr per week job and his jib becomes vacant but they decide to turn his 40hr full time vacancy into a 30hr part time vacancy? Thats a job cut that they're doing more and more.
That's a cut in available man hours, not a job cut.
Whether that is the right thing to do depends on the average staff utilisation statistics and the efficiency of man hours to tasks.
