BUSINESS CONSTRUCT

Breaking: PepsiCo is planning to dismiss hundreds of employees

On Monday, The Journal cited an internal document to indicate that the Purchase, New York, company intends to lay off hundreds of employees. The Journal said that PepsiCo would be laying off staff to “simplify” the organization.

On Monday, The Journal cited an internal document to indicate that the Purchase, New York, company intends to lay off hundreds of employees. The Journal said that PepsiCo would be laying off staff to "simplify" the organization.
Credit: © Reuters.

PepsiCo is next in line after Amazon and Facebook’s layoffs shook up various industries. There will reportedly be hundreds of releases at PepsiCo shortly. According to reports, the food and beverage behemoth is laying off headquarters staff.

Also check trusted sources- www.wsj.com, hindustantimes.com.

The Wall Street Journal has said that “people familiar with the situation” have given them documents confirming PepsiCo’s layoffs. Critics have pointed to the company’s move to lay off employees as “proof that corporate belt tightening is happening in more sectors than IT and media.”

A PepsiCo spokesperson did not immediately return a call seeking comment. A 0.1% increase in the company’s stock price was seen in after-market trading.

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Despite paying more for essential ingredients like sugar, corn, and potatoes, the business behind popular brands like Frito-Lay chips, Mountain Dew drinks, and Quaker Oats cereals reports robust demand.

But the unstable economy and persistent inflation have scared businesses of all kinds, which has led them to look for ways to cut costs. NPR and CNN, owned by Warner Bros. Discovery Inc., are just two of many major media networks that have recently announced staff cuts. Amazon.com, Apple, and Meta Platforms, among others, have each announced the layoffs of thousands of employees

Despite rising prices, grocery store food and beverage sales are healthy. PepsiCo and other food firms have raised prices to cover rising ingredient, shipping, and labor expenses.
In October, PepsiCo executives trimmed expenditures to combat profit margin pressure and worsening macroeconomic conditions after announcing a quarterly sales and profit increase.

Even though the economy isn’t sure what will happen, the U.S. labor market is tighter than ever, with businesses bidding up pay for a small pool of workers.

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