retrenchment
/rɪˈtrɛn(t)ʃm(ə)nt
/noun [mass noun]
1The reduction of costs or spending in response to economic difficulty: this period of retrenchment will see companies shed staff [count noun]: closures and retrenchments have become the order of the day...
- Their production control struggles were a powerful response to economic retrenchment.
- Almost daily, we hear of further retrenchment and more job cuts in an effort to lower inventory levels.
- There is little in today's credit availability environment that would lead me to believe retrenchment is imminent.
1.1Australian & South African The action of making an employee redundant: he ordered the retrenchment of 420 civil servants...
- He said that employees are to be repositioned within the company and hopefully there will be no retrenchments.
- In case of retrenchment or disability due to accident, the premium is waived.
- Municipality administrators who allow councillors to block the suspension of municipal services of defaulters can face legal action and retrenchment.
1.2 formal Reduction in the extent or quantity of something: the retrenchment of the welfare state...
- Financial difficulties tell only part of the story of the retrenchment of the Guggenheim empire.
- I think you're going to see a retrenchment of US embassies in Africa.
- A particularly salient feature is a territorial retrenchment of the north.