One I recently heard was "conducting a rif" == "conducting a reduction in force" == "firing people". Soft language is alway to the benefit of the speaker, to assuage guilt or obfuscate intent. It's always to the detriment of the listener.
How is "firing people" more clear in intent than "Reduction in force"? Reduction in force/cutting costs is usually the intent. People getting fired is a side effect. "Firing people" is a more vivid picture, which is exactly why it is not the right term - it's too personal a term for something that usually is not personal. Performance-based layoffs = Firing. Cost/business-outlook-based layoffs = RIFs.
I'd like to be considered a "force" while I'm still working there. Capes as swag would be cool, too.