In a troubled economy, many companies choose to pare down their work force by reducing their number of employees. By trimming staff, they are able to pare down or lessen costs and thus save extra money. As a result, millions of people cut back on or pare down their expenses as well, which in turn denies companies the revenue they need to hold onto their employees.
Quiz: What does it mean to pare something?
- Fire people in tough economic times.
- To trim or cut it down.
- To get into a difficult situation.