I got laid off this past go around. Was let go on a Wednesday. Sulked Thursday and Friday. Applied for internal jobs the following Monday. Rehired withing 2 weeks, Cisco does fast track and I'm proof of it.
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The last comment has it right: you MUST have a person in high places on your side. I was at Cisco 15 years and saw this happen exactly TWO times. A person had been LR'd, but was put into a placeholder position at the last minute, via a VP to VP deal. Otherwise, I witnessed tons of really good employees left without a position, even though there were plenty of good positions for them to fill (myself included).
I was at Cisco 21 years and saw lots of this. It's the luck of the draw as to if you can find a another position before your time is up. If you happen to have friends in high places they can help make a place for you until you find something else. However, some really good people have been without a chair when the music stopped.
Assuming this is true, unlikely, there's one problem: You are still stuck at Cisco and now you don't have the LR package.
Seriously, if you are an engineer, take the money and get a job you can be proud of. That won't treat you like disposable cash flow.
I call BS
HR troll.