downsize

US /ˈdaʊn.saɪz/
UK /ˈdaʊn.saɪz/
"downsize" picture
1.

make (something) smaller or less in size, amount, or number

:
The company decided to downsize its operations to cut costs.
Many people choose to downsize their homes after their children leave.
2.

reduce the number of employees in a company or organization

:
Due to economic hardship, the factory had to downsize its workforce.
The company announced plans to downsize by 10% next quarter.