Procter & Gamble announced Thursday that it will eliminate up to 7,000 jobs over the next two years, roughly 6% of its global workforce, as part of a major restructuring initiative to navigate ongoing economic uncertainty and rising operational costs.
The job cuts were revealed by Chief Financial Officer Andre Schulten during the Deutsche Bank Consumer Conference held in Paris. According to Schulten, the reductions represent about 15% of P&G’s non-manufacturing roles.
Navigating Near-Term Challenges
“This restructuring program is an important step toward ensuring our ability to deliver our long-term algorithm over the coming two to three years,” Schulten stated. “It does not, however, remove the near-term challenges that we currently face.”
Headquartered in Cincinnati, Ohio, Procter & Gamble employed approximately 108,000 people worldwide as of June 2024. The company, known for household staples like Tide detergent, Pampers diapers, and Gillette razors, is facing increased costs due to international tariffs and shifting consumer behavior driven by economic anxiety.
Additional Changes Coming
In addition to workforce reductions, P&G plans to exit certain product lines and markets as part of its broader restructuring strategy. Further details on those changes are expected to be released in July, the company said.
The move underscores a growing trend among multinational corporations looking to streamline operations and preserve profitability in a volatile global economic climate.
