New Delhi, December 4: Cargill is reportedly planning to lay off thousands of employees globally as part of its efforts to deal with shrinking profits. The Minnesota-based food production giant is expected to cut approximately 5% of its workforce across various locations worldwide. As per reports, the job cuts may not impact the executive team. However, it appears that many senior leaders in the next tier could be affected by these layoffs.

As per a report of Bloomberg, Cargill Inc. is laying off its employees globally after the company in the US missed profit targets. The firm, which employs around 1,64,000 people, will see about 8,200 job cuts as part of its restructuring plan. Multiple reports suggest that Cargill informed its employees earlier this year about plans to streamline its operations by cutting down the number of business units from five to three. The decision is said to come after it was found that less than one-third of its various business segments managed to meet their earnings targets for the fiscal year 2024. Tech Layoffs in 2024: KPMG, Intel, Dell, Luminar and Others Reduce Hundreds of Employees This Year, So Far 1.49 Lakh People Affected.

The company, which is based in Minneapolis and is the largest trader of agricultural commodities in the world, plans to reduce its workforce by approximately 5 per cent as part of its strategy for 2030. The decision is said to simplify its operations and to enhance the speed and efficiency of its work processes. The company hopes to manage costs and capital more effectively in a competitive market. KPMG Layoffs: British Multinational Accounting Firm To Lay Off 4% of Its US Workforce To Align Workforce’s Size, Shape and Skills With Market Needs.

Reports indicate that the company's profits have dropped to USD 2.48 billion for the year ending in May, marking the lowest earnings it has seen since the 2015-16 period. Most of these job cuts are expected to happen within this year. The company is reportedly working on to simplify its organisational structure by eliminating unnecessary layers of management. It will likely be expanding the roles and responsibilities of its managers and looking to reduce overlapping work to make operations more efficient.

(The above story first appeared on LatestLY on Dec 04, 2024 03:00 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).