Hello Joyee,
Well since we all are in HR domain we should act according to wat management wants since we too dont want our jobs to go . .

. . ha ha ha well jokes appart. .
HR people have a very critical role to play. . We need to realize that HR is not just a support system but HR in todays scenario has to be a "Profit Centre". We too need to justify that how are the recruitments done by us, employee settelments and all other stuff profitting the organization. I da top Management wants us to retrench then i guss a better option is to reduce the administration costs. According to me admin costs are one of the highest in any organizations. for e.g a Reliance plant in gujarat spends approx - 75 Lakhs every year only on Tea/Coffee expenses... But in worst come worst scenarios HR has to be crude and need to retrench people.
At this juncture we should fairly try and analys the low performers and if we want them to go then we should give them some notice and then as them to move . . I guss that would help the out going employees to search for the new job and also not create a bad image of our company . .
Regards & Cheers,
Sahdev