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PepsiCo Inc. is reportedly planning job cuts that will affect hundreds of corporate employees. It will be removing hundreds of staff from its headquarters in North America.
The job terminations were first reported by The Wall Street Journal after reviewing documents related to it as well as obtaining information from sources who are familiar with the issue. The publication stated that PepsiCo would lay off hundreds of staff from its HQ’s snack and beverage division.
It was said that this move is an indication that the belt-tightening in the industry has now gone beyond the media and tech businesses. To be more specific, employees at PepsiCo’s in Purchase, New York, Chicago, and Plano, Texas offices are affected by the job cuts.
The decision was announced through a memo that was sent out to employees. The company explained in the note that the layoffs are being carried out to simplify the organization so PepsiCo can operate more efficiently. Business insiders said that the terminations would be heavier in the beverage production business since the firm’s snacks unit has already cut its workforce by offering a voluntary retirement program.
At any rate, the demand for snacks and beverages in grocery stores remained vigorous despite the continuous increase in prices that have already been affecting a lot of households. Along with other food manufacturers, PepsiCo has also implemented higher prices as it has no choice, but to balance out the higher costs of ingredients, labor and transportation.
The labor market in the United States is still tight, with companies and employers competing for a limited pool of labor by proposing wage hikes in spite of economic uncertainties today. However, with the higher salary offerings, companies need to let go of some workers to save funds.
Meanwhile, PepsiCo has now joined other major brands, such as Ford Motor Co. and Walmart Inc., as the latest to announce job cuts for white-collar workers. Many tech companies are still trimming their workforce, as per CNBC, in the case of PepsiCo, its total number of employees worldwide is 309,000, and this will shrink as hundreds are set to be removed before the year ends.
