DOWNSIZING

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."

An act in which a company downsizes or is downsized

"He lost his job in the last downsizing."

Miniaturization

Reducing engine's capacity at same power or increasing engine's power without increasing capacity

"Downsizing is one of the leading trends in automotive engine design."