The process of terminating multiple employees simultaneously, due to their positions being eliminated or organizational restructuring.
Downsizing typically refers to the process of reducing the size of an organization, usually by laying off employees or reducing the number of employees through attrition. This is often done to cut costs, streamline operations, or adjust to changes in the market or industry.
Downsizing can also refer to reducing the physical size of a product, such as making a smaller version of a device or package. Additionally, the term can be used in a personal context to describe the process of intentionally living with fewer possessions or in a smaller living space for various reasons, including environmental concerns or financial constraints.
Downsizing can be a difficult and stressful experience for both employees and employers. However, there are a few things you can do to handle the process as smoothly as possible: