Retrenchment (noun)

1. The act of making cuts or reductions, especially in an organization's expenses or workforce.
2. The state of having made such cuts or reductions.

Origin:

From the verb retrench + -ment.

Examples:

1. The company's retrenchment measures included layoffs and a reduction in benefits.
2. The government's retrenchment policy led to the closure of several departments.
3. The retrenchment in the company's budget forced the management to make difficult choices.
4. The retrenchment caused by the economic downturn led to a decrease in consumer spending.
5. The retrenchment of the army led to a reduction in the number of soldiers.