The laying off of large numbers of managerial and other employees is known as:

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Downsizing refers to the intentional reduction of a company's workforce, usually through layoffs, in order to increase efficiency and profitability. It is often used as a cost-cutting measure, especially during times of economic hardship or when a company is struggling financially. Outsourcing refers to hiring a third-party company to perform services that would otherwise be done in-house, while rightsizing and reengineering are broader terms that can refer to a variety of organizational changes aimed at improving productivity and efficiency.

The Laying Off of Large Numbers of Managerial and Other