Definition

A polite euphemism for slashing budgets, reducing staff, or eliminating programs when executives realize they've been hemorrhaging money or need to appease shareholders. It's the corporate world's version of 'we're tightening our belts,' except it usually means other people's belts while leadership maintains their executive perks. Often deployed right before a round of layoffs that management swears are 'not layoffs, just strategic workforce reductions.'

Example Usage

The company announced cutbacks in the training budget, which coincidentally happened right after the CEO approved a six-figure office renovation.

Source: Business management terminology

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