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Retrench (Verb)

Make a reduction, as in one's workforce; "The company had to retrench".

Verbs of size, temperature change, intensifying, etc..

The struggling airline was forced to retrench several hundred employees to stay afloat financially.
As a result of the economic downturn, the manufacturer had to retrench nearly 20% of its workforce.
After losing a major client, the advertising firm had to retrench some of its staff to cut costs.
Due to declining sales, the retail chain was reluctantly obliged to retrench dozens of staff members nationwide.
Facing severe financial difficulties, the company decided it had to retrench its global workforce by laying off 500 employees.

Tighten one's belt; use resources carefully.

Verbs of buying, selling, owning.

The company had to retrench and cut non-essential spending during the recession.
To avoid financial difficulties, the family decided to retrench their household expenditure and adopt a more frugal lifestyle.
During the crisis, the government was forced to retrench and allocate resources more efficiently.
After a series of financial setbacks, the entrepreneur had to retrench and prioritize her business spending carefully.
In order to turn the business around, the management team had to retrench and make some tough decisions about resource allocation.