Coca Cola Plans Major Workforce Layoff
Coca Cola becomes the next multinational brand to cut their workforce as they try to recover from the coronavirus slump.
Coca Cola said on Friday that it plans on restructuring its workforce that is expected to see voluntary layoffs. Coke published its quarterly financial results in July that posted a 33% year over year decline in its earnings attributed to the Coronavirus disruptions.
According to Coke, the first round of restructuring is likely to affect 4,000 of its workers that were hired before 1st September 2017 (inclusive), in Puerto Rico, Canada, and the United States. The employees that qualify, Coke added, will receive a voluntary layoff package.
The beverage company expects the planned restructuring to cost £262 million to £412 million in total. At the start of the year 2020, Coke’s global workforce comprised of 86,200 employees. Its U.S. workforce had over 10,000 employees at the time.
The American multinational wishes to establish a dedicated unit that will focus entirely on its global scale and efficiency at large. The segment will handle consumer analytics, data management, and e-commerce. It will also collaborate with Coke’s bottlers. The company’s current chief for information and integrated services, Barry Simpson, will head this unit.
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