Procter & Gamble, a well-known company for its products such as Tide detergent, Pampers diapers, and Bounty paper towels, recently announced plans to lay off 7,000 employees in the next two years, which accounts for approximately 15% of its global non-manufacturing workforce. As of last June, the company had around 108,000 employees.
In addition to the layoffs, the company intends to streamline its product portfolio by discontinuing certain product categories and divesting some small brands in specific markets. Furthermore, restructuring of employee roles is on the agenda, with an aim to broaden job responsibilities while reducing team sizes.
Procter & Gamble reported a decrease in quarterly sales in April, leading to a revision of its annual sales forecast. The company also mentioned considerations for cost-cutting measures, formulation changes, and potential price adjustments on select products to navigate through the unstable business environment and sustain market competitiveness.
These actions come as the company seeks to adapt to changing market conditions and operate more efficiently in the face of evolving consumer demands and economic challenges.
(Reference: The Wall Street Journal)