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Workforce Reduction
A short-term strategy to cut the number of employees through attrition, early retirement or voluntary severance packages, and layoffs or terminations.
Attrition
The gradual reduction in workforce numbers due to employees leaving naturally through resignation, retirement, or death, without intending to directly replace them.
Early Retirement
The act of leaving one's job or career before the traditional retirement age, often incentivized by employers or chosen for personal or health reasons.
Layoffs
The act of terminating employees, often due to economic downturns, organizational restructuring, or cost-cutting measures.
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