the practice of making a company or an organization smaller by reducing the number of people working for it, or an occasion when this is done

The company announced a worldwide downsizing of its operations. 公司宣布了全球范围营运规模的缩小。

There have been reports of layoffs and downsizings. （近来）已有关于下岗和裁员的报道。

corporate downsizing 公司裁员

the practice of moving to a smaller home, usually because your home has become too large for you or as a way of saving money

Downsizing can free up cash to pay debts and make life more affordable by cutting bills. 缩小家居规模可以腾出现金来偿还债务，并通过削减账单使生活更加实惠。