Downsizing
Part of speech: verb
Definition: To reduce in size or number.
Part of speech: noun
Definition: An act in which a company downsizes or is downsized miniaturization Reducing engine's capacity at same power or increasing engine's power without increasing capacity
Example sentence: We've lost 400,000 jobs in Michigan because of downsizing.
Retrenchment
Part of speech: noun
Definition: A defensive entrenchment consisting of a trench and parapetA reduction or curtailment; often referring to a business or government agency cutting back operations or laying off workers