Hope College is planning for the next biennium. School administrators know that the enrollment is on the decline, but still need to offer students the best experience possible. They want to shrink their payroll slowly. They can accomplish this through

They can accomplish this through early retirement.

Early retirement is a way that we use to stop or discontinue something. Most of the aged person tends to choose early retirement for the purpose of achieving the benefits form the organisation to the most possible level. This decision can be taken when we know that the organisation will be closed in the near future and continuing work will not benefit us.

When we decide for the early retirement the befits that we attain from that will be more than  the benefit that are obtained in continuing work. In the given example, Hope college has a plan for next biennium. But, the enrollments are reduced in number and they want to reduce the payroll slowly. Thus this can be accomplished with the help of early retirement.

the answer is risk management planning

i might look it up later.