June 5 (UPI) — Procter & Gamble said Thursday it plans to cut 7,000 jobs as part of a plan it said aims to accelerate growth.

The company said the cuts will take place over the next two years and represent 15% of its non-manufacturing workforce.

“In Fiscal 2026, we’ll begin a 2-year effort to accelerate P&G’s growth and value creation. These changes across our portfolio, supply chain and organization are designed to unlock significant opportunities for stronger delivery of P&G’s integrated growth strategy,” the company said in a statement.

Procter & Gamble said the workers losing their jobs will be “managed with support and respect, and in line with our principles and values and local laws.”

The workforce reduction is part of similar actions across U.S. industries amid tariff turmoil, fierce competition and consumer spending changes.

Companies are spending less, slowing hiring and sending layoff notices,” Andrew Challenger, senior vice president of Challenger, Gray & Christmas, said in an emailed statement to CBS News.

According to Challenger, job cuts are 47% higher now than a year ago.

According to Procter & Gamble, fiscal year 2024 was the eighth straight year of 2% or better earnings per share growth.

“Through the first three quarters of the 2025 fiscal year, P&G delivered +3% Core EPS growth — at the mid-point of 2-to-4% guidance range for the fiscal year,” the company statement said.

Procter & Gamble also said over the first three fiscal quarters of 2025 $13 billion was returned to shareholders through dividends and share repurchases.

In addition to the layoffs, Procter & Gamble said changes it is implementing are focused on its portfolio, supply chain and organization design.

This will include ending some “categories, brands and product forms in individual markets” that could include some brand divestitures.

The Procter & Gamble supply chain will also be re-sized and re-located in an effort to ” drive efficiencies, faster innovation, cost reduction and even more reliable and resilient supply.”

There will also be changes in what Procter & Gamble said are “accountable organization design,” including making roles broader, making teams smaller while leveraging digitization and automation.

As Procter & Gamble reorganizes to deliver higher profits for shareholders, workers will be impacted by the job cuts and changing responsibilities within the company.

Procter & Gamble said taken together, these changes are “intended to widen P&G’s margin of advantage in superiority leading to growth and value creation.”