downsize
🇺🇸
/ˈdaʊnsaɪz/
🇬🇧
/ˈdaʊnsaɪz/
To make a company or organization smaller by having fewer employees.
The company decided to downsize to save money, which meant some people lost their jobs.
To move to a smaller house or living space.
They decided to downsize and move into a smaller apartment.