Heard a rumor that the layoff list is already done.
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Don’t be sad, I did 15 years and was part of the Nov 2018 slaughter. Found better gig with higher pay, better benefits and a culture that can only be seen way back in the Cisco rear view mirror. You’ll be fine all!
Except that this is a very different job market right now. Companies are requiring additional approvals to hire, many are (thankfully) offering remote/video interviews and allowing you to work from home initially, but what happens once the pandemic lifts? If they aren't local to you, are you going to move?
I've lost count of how many recruiters are contacting me about some position out of state saying I'm a perfect fit and that's it's a remote job, at least initially.
Don’t be sad, I did 15 years and was part of the Nov 2018 slaughter. Found better gig with higher pay , better benefits and a culture that can only be seen way back in the Cisco rear view mirror. You’ll be fine all!
Honestly, is it even worth fighting for being near the top of your pay scale? Sounds like it just makes you a target come ER time.
its almost impossible to find a job that pays less than Cisco, grade 12 makes only 170k a year in total comp, thats entry pay for many jobs, Cisco pays MMR which is low, but for working 2 days a week, its great pay, but be prepared for the shock of working hard in exchange for the increase income, its a shock cause at Cisco, no on works hard....
I can't stop laughing at the thought that the number of LR's would depend on the number of ER's. Coronavirus has created the easiest PR for staff reductions from tech companies. They can use it to blame everything. It is no coincidence that the layoffs are happening in October. It is the first chance for a company to get rid of workers if they received any aid from/for coronavirus. It also puts the power back into their hands to limit what they offer in severance. They can ever use coronavirus for the reason there. "Due to economic reasons created because of coronavirus, the amount available for severance and benefits from the layoff have been drastically reduced. On the bright side, there is an extra $300 per week in unemployment to offset the difference."
Yes, if there is a layoff coming, the Legal team has been involved with the list of people, age, gender, etc. They will run the statistics on it to have the average age be below 45 even if it requires adding 200 more 20-somethings to the list. If you were one of the lucky ones at the time of extremely low unemployment, commanded a high base pay because of it, you are definitely Target #2 for the list. Target #1 is white male 50+. If you are in that category, expect there only to be 50% of you left after the LR.
When I was let go over a year ago, I felt every degree of emotions. The biggest regret I ever had was the feeling of being loyal to my company and the concern of not being good enough for another company. I was out of work for only 3 months. That will not be the case here for most. People need to plan and prepare for 6-18 months out of work, expect to be in the 50-75% pay reduction range, and have to find a way to be competitive in the job hunt. I don't see a lot of FTE hiring for a long time, so contract work may be it.
Just in time for the economy to get worse.
Say goodbye to big bucks.
Say hello to taking any halfway decent paying job.
Lower your expectations in life.
So they already had a number in mind how many to LR , I thought it would depend on how many took ER and how many took pay reduction.Can't trust this company anymore I guess.
Sure, they had a number in mind. That's how they came up with the $900 million they put in the earnings statement as the one-time cost of restructuring.
They create the list for the LR, then offer an ER and remove all those on the LR list that took the ER. Then, if there are extras who took the ER who were not on the LR list, they can go back and potentially remove a few people off the LR list to balance the #'s.
What are a few things that managers consider while making the list?
Age and salary. If your pay is above the median for your pay grade, you have a big target on your back. It's bigger if you're older. It might be smaller if you're a protected category or especially critical, but let's face it, the bean counters don't think anyone is critical and will simply get by until they can replace you with a cheaper, younger version of you. Or promote someone on your team to back fill you and then replace them with a cheaper, younger version of them.
https://www.thelayoff.com/t/Lf8hzn8
What are a few things that managers consider while making the list?
Groupism and politics are being played by managers. Get rid of useless managers who lack technical knowledge leading a team.
20-30% are basically useless..... all they do is ask status and report status of project.
Greed and high pay is also responsible for the circle of layoffs every year in the Silicon Valley.
Pretty standard process used in layoffs once the need to reduce costs thru headcount reductions. Managers rank their employees and upper mgt works on how many heads need to be let go in each organization. There is a reason this happens this time of year - it’s all part of the annual new fiscal year planning that goes on in Q4.
It’s the same process other companies use - we used it when I was a manager in the disk drive industry - and it is what Cisco has been using since the first big layoff in 2001. It’s now an annual event, just like your birthday and the yearend forced pto.
So they already had a number in mind how many to LR , I thought it would depend on how many took ER and how many took pay reduction.Can't trust this company anymore I guess.
That's not the case in Sales.
Not a rumor anymore it's a fact
ohhh noooooooooo