Bad news for employees of this company as it sacks 7000 workers due to..., not Narayana Murthy's Infosys, Ratan Tata's TCS, Google, Microsoft
Bad news for employees of this company as it sacks 7000 workers due to ...not Narayana Murthy's Infosys, Ratan Tata's TCS, Google, Microsoft
American consumer goods giant Procter & Gamble is planning to layoff as many as 7,000 jobs in the non-manufacturing sector in the next two fiscal year. The major job cut is going to impact around 15 percent of its white-collar workforce. The move is a reflection of sweeping transformation towards AI-enhanced workflows and digital integration Layoffs To Affect R&D And Marketing, Spare Factories
As per several media reports, the company stated that the job cuts will affect the corporate departments such as R&D, marketing, finance, distribution planning, and other non-manufacturing functions. The layoff will affect about 6 percent of the company's workforce across the world and about 15 percent of white collar staff. The implementation will be gradual, spanning fiscal years 2025 and 2026, allowing for smooth transitions and internal staff reassignments. Manufacturing Jobs Are Safe
Procter & Gamble's recent layoffs will not impact its factory or manufacturing workforce. The company is focusing on improving efficiency in administrative and support roles by leveraging technology, ensuring continued production.
Why is P&G cutting jobs? Streamlining through automation
As per the company, one of the major reasons is automating of repetitive work processes and reducing redundancies. Systems such as RPA, and AI-powered can do procurements and payroll analysis and other tasks. Hence, back office teams are not required.
Digital Tools
P&G is also planning to restructure jobs. Employees of the company will handle broader daily responsibilities by using a data and decision-support tools.
Digital Transformation
The company has been investing in digital tools and machine learning algorithms and the mass layoff is also part of a broader operational shift.
Inflation And Tariffs Driving Change
P&G expects to face an additional USD 600 million in pre-tax costs this year due to rising inflation and higher tariffs on materials from Asia. Economic Uncertainty and global slowdowns P&G is restructuring its operations in order to counter economic uncertainty and a slower global recovery.
The restructuring involves a phased job cuts in the next two years. This aims to focus for increased agility and digital focus.
These job cuts will affect traditional, non-digital departments.
P&G's goal is to create a more efficient and digitally-driven organisation.
The company's restructuring is likely to be completed in the coming two years.
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Time of India
21 minutes ago
- Time of India
Trade deal lacks fine print, raising doubts over US-China truce: Shaun Rein
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel "You can have companies, the big automakers like Ford and GM are rumoured to say, we need to relocate our manufacturing to China, so we can get access to rare earths despite the heavy tariffs that they would then incur by going into the United States. But here is the thing, China's media has been a lot more circumspect with the details of this so-called trade agreement," says Shaun Rein, China Market Research is a great and big question. Trump is saying the deal has been signed and he has been talking about that the Chinese are going to send rare earths and magnets in advance to whatever the United States needs because what you have seen in the last month is the lack of rare earths that were exported to the United States has really crippled the American economy You can have companies, the big automakers like Ford and GM are rumoured to say, we need to relocate our manufacturing to China, so we can get access to rare earths despite the heavy tariffs that they would then incur by going into the United States. But here is the thing, China's media has been a lot more circumspect with the details of this so-called trade has said the rumour is that they will give maybe export licenses to rare earths on a six-month trial basis to American companies. So, basically Trump is exaggerating the win in his mind and China is being a lot more honest probably saying well we do not have all the details ironed out, we want to come to an agreement but quite frankly China has the upper hand in the trade war with the United States right that the United States makes except for semiconductors, the Chinese can buy elsewhere. So, instead of buying American beef, they are buying Australian beef; instead of buying American oil, they are buying Canadian oil; instead of buying American soybeans, they are buying Brazilian soybeans. So, what you have seen is that there is a total shift in trade patterns and a total shift in power and China is at the top of the triangle, the top of the pyramid right now in terms of buying goods and trading goods from other countries. We are seeing a shift in world order right I mean that that is not true. I mean, Chinese equity markets are up 15-16% since the start of the year while the S&P 500 is only up about 2%. So, it is quite clear that the Chinese Hong Kong equity markets are outperforming the United States right the equity markets also do not necessarily reflect the economy. So, what you are seeing right now is Abigail Johnson, who is the head of Fidelity , the rumour is today that her private investment house is going to be selling 40 Chinese tech companies that they have long held because they are worried about the regulatory and I have been talking with a lot of mutual funds, I have been talking with a lot of LPs like pension funds and endowments and they are getting huge pressure from not just Trump , but previously under the Biden regime to derisk by not investing in Chinese equities, so that does not mean the economy is bad, that just means more oppression and bullying from the United States because they are trying to really contain China's economic might have happened eight years ago and that might have worked eight years ago. But the big problem is the United States has gone after Europe. The United States has gone after Canada. You even hear Howard Lutnick, the Secretary of Commerce , criticised India last week and said, why is India buying Russian weapons, they should be buying American the reality is the United States under Trump and Biden has been bullying people all around the world. And I think at some point the global south or I prefer to call it the global majority is saying you know what, let us not deal with all the drama, let us not deal with weaponization of the US dollar, weaponization of technology and let us move closer towards China where we have a lot more stable relations with Australia for instance, Australian dollar has strengthened in the last couple weeks because basically Australia is a proxy for China. Australia's economy does well when China's economy does well, whether it be buying iron ore, whether it be buying tourists going to Australia to buy products, so that is why the Aussie has strengthened and the US dollar is weakened. Now when it comes to liquidity and volume going back towards China, we are still at a very initial of the global funds only have about 25% of their holdings exposed to China. I recommend retail investors to have 15% to 20% because of the volatility and the regulatory we are seeing in my conversations with institutional investors like hedge funds that they want to come back into China, but they have not come back yet. Now, that gives a great opportunity for speculators and people who have a high-risk appetite to trade in front of the institutional personally, I am getting more exposure to Hong Kong equities the last six months because I am trying to front run what the hedge funds are doing because they still have not quite gotten into the markets yet and they will in the next three to six months because they have to make the business case, China is outperforming the S&P the United States needs a deal. Frankly, China controls about 30-35% of global manufacturing. So, America might have the money, they might have the capital, but they need to buy the products from China. At the end of the day, China makes not just rare earths, about 90% of refined rare earths, but they also make most of the ibuprofen, most of the of the antibiotics in the world comes from China. So, at the end of the day, that is real leverage. So, for instance in 2017, 18% of Chinese exports went to the US, that number is down to 14%. China on the other hand has shifted and exports to Asean, has gone up to 16%.So, basically, it is a game of chicken right now. China's economy is hurting, do not get me wrong. There are about 15 million people who are involved in the export sector. You have seen that the CPI index has dropped about 0.1%. So, we are dealing with the D-word, the economy in China is not booming, but China is not going to blink. They have the resolve to push hard back against Trump and Scott Bessent and Howard Lutnick because at the end of the day, the Americans need to buy from China. They cannot buy antibiotics from any other country in the world except for a little bit from India.
Hans India
an hour ago
- Hans India
Odisha aims to create over 1 crore jobs by 2047: CM
Bhubaneswar: Odisha Chief Minister Mohan Charan Majhi on Tuesday said his government has set an ambitious target of creating 1.1 crore jobs by 2047, when the country will complete 100 years of Independence. Addressing a national seminar on 'Good Governance and Developed Odisha -- 2036 & 2047' here, Majhi said his government has taken an ambitious resolution to make Odisha a prosperous and developed State by 2036, when the State will celebrate the centenary of its formation. This will help achieve the goal of making India a developed nation by 2047, he said. 'We have targeted to create 1.1 crore additional jobs in the State by 2047 at a rate of 5 lakh jobs per annum for building a 'Viksit Odisha',' Majhi said. To achieve the target, the State government has been preparing Vision Document-2036 and 2047, which is now at the final stages, he said, adding, 'This vision document is a roadmap for the dreams of 4.5 crore Odias. It is a promise to our future generations.' 'Vision document-2036 and 2047 is our resolution for building a prosperous and developed Odisha. We want to build an Odisha that will emerge as a shining star in developed India,' he asserted. Odisha aspires to become a USD 500 billion economy by 2036, when the State will complete 100 years of its formation and a USD 1.5 trillion economy by 2047, he said. 'To move towards a USD 500 billion economy, we need to achieve real double-digit growth every year for at least the next 11 years. The target is certainly big, but it is achievable,' the Chief Minister said. He suggested that the officers should make efforts to move Odisha from an agriculture-based economy to a mixed economy, without affecting agricultural production, and to create suitable opportunities for the educated youth by bringing them from the agricultural sector to the industrial and service sectors. Majhi said the State government has already started working in this direction and recalled the success of the last 'Make in Odisha' conclave. Industrialists from all over the country have shown interest in investing more than Rs 17 lakh crore in just two days of the conclave. About 13 lakh youth, who will be employed in the industries, will have to be trained and prepared for the industrial sector, he said. On employment generation, he pointed out that the government has allocated Rs 65,012 crore in the current budget for the creation of infrastructure and it is 6.1 per cent of the State's gross domestic product (SGDP). The Chief Minister further said that his government has launched programmes for qualitative development in the fields of education, health, social security, housing, women empowerment, tribal and Scheduled Caste development. Out of the total budget of the State government, Rs 89,861 crore will be spent on women empowerment alone, while the government has made a separate provision of Rs 68,881 crore for the Scheduled Castes and Scheduled Tribes, who together constitute about 40 per cent of the State. On this occasion, he said the State is making efforts to build Nabakrushna Choudhury Centre for Development Studies (NCDS) as a global socio-economic institution to support the government in achieving the goal set in the vision document.
India.com
an hour ago
- India.com
Bill Gates bought his daughter an entire street worth over Rs 3170000000 due to..., the reason will leave you surprised
Microsoft founder Bill Gates reveals who will inherit his USS 200 billion fortune? 99% will go to..., daughters Jennifer, Phoebe, son Rory to get... Most parents support their children's hobbies by paying for classes, buying equipment, or maybe taking them to a few competitions. But when you are Bill Gates, one of the richest people in the world and the co-founder of Microsoft, that support looks very different. Instead of just extending a little help, Gates went all out for his daughter Jennifer's love of horse riding. Reports say he spent over USD 38 million (approximately Rs. 317 crore in Indian Rupees) to buy almost an entire street in Wellington, Florida, just so she could have the best place to follow her passion. It all started in 2011 when the Gates family first rented a home in the area. But over time, they began buying up several properties in the Mallet Hill Court neighborhood, a well-known spot among horse lovers. These purchases turned the area into a private space just for Jennifer, complete with large homes, stables, and everything needed for horse training and riding.
