Corporates come up with abracadabra that is quite difficult to decipher. ‘Let go’ is one such. ‘Let go’ essentially means ‘to get rid of’ in a rather camouflaged manner.
Look at it this way. You are the head of a department and have to retrench but don’t have the wherewithal to say so explicitly. Then you deploy such jargon and say ‘Let go’.
‘Let go’ is the same as ‘cut-down’ but made to sound as though the person left on his own will. It could also be to reduce the ‘guilt consciousness’ of retrenching.
Call it by any other word but you have to go. Period.