Eager to boost productivity and lower costs, consumer products giant Procter & Gamble Co. announced more jobs cuts Thursday — cuts that will come on top of the previously announced elimination of 5,700 non-manufacturing jobs by June.

Leaders of Cincinnati-based P&G said in a meeting with industry analysts that it will cut another 2 to 4 percent of non-manufacturing jobs each year during fiscal years 2014, 2015 and 2016. The previous 5,700 job cuts represent about 10 percent of its non-manufacturing jobs.

P&G has about 126,000 full-time employees worldwide, including roughly 12,000 in the greater Cincinnati area. By Oct. 31, P&G had cut about 4,700 jobs throughout the company, officials told analysts.

The move follows calls by activist P&G shareholder Bill Ackman for deeper cuts at the company.

P&G also increased the amount it expects to spend on share repurchases from $4 billion to up to $6 billion.

Officials confirmed the company will meet sales and earnings targets for the October-December quarter and fiscal year 2013. But productivity is increasingly important to P&G, particularly in manufacturing.

Yannis Skoufalous, P&G global product supply officer, told analysts that the company is aiming for a 5 percent annual net productivity improvement across manufacturing sites, which would enable 20 new sites in development markets with “no incremental (worker) headcount.”

Achieving that productivity improvement would be equal to four plant closings a year, Skoufalous said.

“As we’ve grown our productivity through the company, we’ve seen other opportunities to do this,” P&G spokesman Paul Fox said after the analysts meeting. Many P&G competitors have announced their own productivity targets, and P&G must respond, he said.

Productivity is not just about headcount, Fox added. It’s also about culture, innovation and work processes, he said.

Fox could not say where the planned cuts will happen. He could not identify the impact of cuts in Cincinnati or at its Lima plant.

“We’re going to be very focused on productivity moving forward. We don’t want it to to be episodic,” Fox said.

The company is aiming for $10 billion in “productivity and cost savings” through fiscal year 2016.

Last year, the company had more than 1 million applicants about for about 5,000 non-manufacturing jobs, analysts were told. And P&G plans new plants in China, Brazil, Nigeria and Indonesia in fiscal years 2013 and 2014, Skoufalous said.

Shares of P&G (NYSE: PG) closed down 21 cents Thursday, falling to $66.32 per share.

With so many consumer brands, P&G is regarded as a reliable consumer spending barometer. P&G develops and markets some of the most recognizeable household and health products brands, used by 4.6 billion people globally.