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What does downsize mean?

Looking for the meaning or definition of the word downsize? Here's what it means.

Verb
  1. (intransitive) To reduce in size or number.
  2. (transitive) To reduce the workforce of.
  3. (transitive, euphemistic) To terminate the employment of.
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Examples
Company car drivers are beginning to downsize their cars to reduce Benefit-in-Kind liability, according to Lex Vehicle Leasing.
The high level of automation of missile preparation and launches helped rationalize alert duty missions and downsize alert crews.
Service providers can allow customers to change service packages whenever they choose and upsize or downsize services as needed.
Does this mean that a research organization cannot downsize and still remain productive?
In March 2004, the company announced plans to refit 50 stores and downsize its Big W chain to increase profits.
The three counties regiment is one of those under threat as a result of continuing defence cuts and plans to downsize the Army.

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