PepsiCo hiring down by more than half over past two months as layoffs arrive
On the official careers page for PepsiCo ($NASDAQ:PEP), the number of job postings has been down by 57.32% since the start of the new year. This falls in line with reports that Pepsi will lay off corporate employees as part of a restructuring. During an earnings call last week, the company said it would incur multibillion-dollar restructuring costs through 2023.
A look at the number of listed openings on the PepsiCo careers page shows that the number of listings is steady over time.
However, breaking down Pepsi job openings by week gives a different context to this data. Aggregated over time, the number of job listings for PepsiCo was reasonably steady after February 2018, and there was even a recent spike in openings.
However, job listings indicate aggregate open headcount, and is not 100% new postings. In other words, job postings indicate what the company is looking for recently due to a new or recently opened up job, while the overall listings can contain jobs from months ago that PepsiCo has yet to fill.
By looking at the Posting Date for PepsiCo job, we're able to see the potential problem for the Pepsi. Over the past few weeks, the company has posted 57% less jobs per week on its careers page, when comparing the week starting on January 7 to the week starting on February 11.
Many countries that PepsiCo operates in, such as the United States and Russia, have followed a very similar trend line to the overall drop in job postings (as subscribers can see by playing around with the data here).
While we do not know the extent, timing, or specifics of PepsiCo's restructuring, especially how it has to do with layoffs, alternative data shows that the company is posting less jobs on its website over time. And, to say the least, that isn't a good sign for those looking at whether the company is hiring more people today than it did in 2018.