Is 'Efficiency Drive' just another word for 'less people'?

Heard whispers about a new 'efficiency drive' across my service line. Management is talking about streamlining processes and improving delivery. Sounds good on paper, right? But it feels like a smokescreen. We've already been told to do more with less for ages. Now this? I've seen more senior folks on the bench than I can remember, and new hires seem to be few and far between. Plus, the usual internal mobility postings seem to be getting snapped up super fast. Anyone else in a similar boat? My manager's been asking a lot about my 'future contributions' and how I see myself fitting into 'future delivery models'. It's all very vague and a bit unsettling. Feels like a prelude to something, and not the good kind.