Downsize
/ˈdaʊnsaɪz/
verb
To reduce in size or number.
“Joe and Edna moved to a bungalow after deciding to downsize when the children had left home.”
To reduce the workforce of.
“They downsized the division by offering attractive early-retirement packages and selling off an office building.”
To terminate the employment of.
“Joe got downsized and became a plumber.”
Synonyms: rightsize