Procter & Gamble mass layoffs loom as consumer goods giant plans 7,000 job cuts. Here’s what to know

Procter & Gamble has announced that it will lay off 7,000 workers over the next two fiscal years as part of a new growth strategy. The company's growth strategy consists of revamping its portfolio of goods, its supply chains, and its organizational design. The layoffs will come from non-manufacturing roles and will account for about 6% reduction in the company's workforce. Procter & Gamble said the job cuts would enable "an even more agile, empowered, and accountable organization design" and make "roles broader, teams smaller, work more efficient." The company will also make changes to its supply chain, including "right-sizing and right-locating production." Additionally, Procter & Gamble will review its portfolio choices and divest of some of its brands entirely, while exiting "some categories, brands, and product forms in individual markets." The company did not announce which brands will be divested of. The layoffs and brand cuts are being driven by the current unpredictable geopolitical environment and consumers facing greater uncertainty. Procter & Gamble's stock remained relatively flat in premarket trading following the announcement.