Downsizing

Definition: Downsizing is an euphemism referring to an organization's need to streamline its operations, often combined with layoffs, in order to cut labor costs by reducing the size of the company.
It is the conscious use of permanent personnel reductions in an attempt to improve efficiency and/or effectiveness of the organization.
D can occur at any time, but is more prevalent in difficult economic times.

More on downsizing.
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