The script for today's checkin
- ELT discussed the 5% LR that was shared on the Earnings Call. Per ELT, it is not about cost-cutting or performance management, rather rebalancing the business.
- Impacted employees will be notified beginning December 12 in the US and will have prioritization for job placement services.
- Impacted employees will have option to exit Cisco first week of February or March 13 and will receive the same amount of severance whether they leave in Feb or Mar. No early retirement option at this time.
- There will be a generous severance package offered in all locations globally. For US, 6 months pay package plus tenure will be factored in.
- Not all company organizations are impacted. Not all those contacted by Talent Movement are impacted.
- Talent Movement only resulted in a couple hundred moves, which was not enough for rebalancing.
- Leaders will receive a support guide for reference after the Leader Check-in. They will also be invited to training prior to the relevant notification dates if they have impacted employees on their team.
- Impacted employees will be notified by a leader within their team. Those leaders will be identified and made aware of their role in this process in the early December timeframe.
- No hiring freeze at this time. There are over 3000 open job requisitions, and Cisco‘s goal is to place as many impacted employees as possible, in those roles.
- Impacted business units include Collab, AppDynamics and others