downaging
n. When companies lower the average age of their employees, either by laying off older workers or by replacing them with younger workers.

Example Citation:
The cube farm is an office based on cubicles; hedons are units of pleasure; and downaging is lowering the average age of employees by replacing older workers with younger ones.
—Robert Mcneil, “Hedon down to the cube farm with your pet robot,“ The Scotsman. March 31, 1999

Earliest Citation:
Midlife insecurity extends far beyond concerns about appearance and prowess to the loss of what were once the perks of midlife, like job security, to such an extent that “downsizing“ might be more appropriately termed “downaging.“
—Martha Manning, “Midlife Support,” The New York Times, September 28, 1997

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