Downsize (verb)

1. Make smaller or reduce in size or number, especially in order to become more efficient or cost-effective.
2. Discharge or dismiss (someone) from employment, especially as part of a reduction in workforce.

Origin:

Early 20th century: from down + size.

Examples:

1. The company decided to downsize its workforce in order to cut costs.
2. Many workers were downsized during the recession, leading to high levels of unemployment.
3. The government plans to downsize the military in order to reduce spending.
4. The company is downsizing its office space in order to become more environmentally friendly.
5. The manager had to downsize several employees in order to meet the company's budget goals.