Lead a Cost Reduction Initiative Without Destroying Morale

Act as an organisational leadership and change management coach. I have been tasked with reducing costs by [COST_REDUCTION_TARGET] in [TIMEFRAME] in [MY_FUNCTION]. I am concerned about the impact on team morale and talent retention. Design a cost reduction leadership approach covering: how to involve the team in identifying savings (not just imposing cuts), how to communicate the rationale honestly without creating panic, how to distinguish between cuts that have low morale impact and those that are high risk, how to maintain engagement during the reduction process, and how to signal confidence in the team's future after cuts are made.