Phonosemantic compound. 厂 represents the meaning and 猒 represents the sound. Original form of 壓 (press, push down), related to packed-earth construction of buildings (厂).
Shuowen Jiezi
《說文》：“厭，笮也。从厂，猒聲。一曰：合也。”
Original meaning
to push down on
Components
厂(meaning) — The outer walls of buildings in premodern China were filled with earth that was packed down (壓). This is one of the cases where the forms of 广 (building) and 厂…