ELT claiming that they got 31% acceptance, and expected 30%.
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I don't think Cisco people getting laid off will qualify for the $300/wk Federal benefit - wasn't that only for people making under $104,000 per year or something?
the constant that told the elt that 75% would take the package must be hiding in ecuador right now
Don't forget you really have an extra month now until your sign off date. Enjoy it and Congrats!
Chuck said no layoffs thru July........
Since August starts off the new FY and the first layoff (a tradition for more than a decade) of the 2 done every fiscal year, who is really surprised?
Given the severe economic havoc brought on by the virus, who is really surprised?
Cisco’s ability to allow an entire global team to wfh home for months, so you and your family could stay safe, parents could take care of kids, kids could take care of elderly parents, etc., made things better for all of us.
Perhaps you should grateful for what you have received?
I know I am.
I’m also happy to get my ER package so I can accelerate my retirement plans with no negative impact to my financial and emotional well being.
Cisco isn’t a charity.
For the big bucks the ELT makes, would you really want to be in their shoes?
is it me or the Check In a total joke, its like they are just starting to realize what a cluster they have created, JC said no layoffs, I saw it in person, stared him down as I could see his tell, like in poker, he lied as next month, third biggest LR in Cisco history. Software licensing is a nightmare to figure out, customers cant figure out how to purchase on CCW, SEs cant answer questions, AMS are just under the desk of customer , its looking bleak.
ELT being surprised no one took the package is like that time bill gates went on a network tv show like ellen d and had no idea how much bananas etc were. Totally clueless.
who will do the works if all the senior engineers let go? looking at the junior folks around, not many of them competent enough to handle all the responsibilities left over.
the compensation offered by Cisco is not enough to recruit the top talents and keep those talents after the initial training. this is the big problem. the products are not in top rank, no enough fund to keep in front for this size of the traditional company
Those who were offered the ER package and turned it down will now be put on the LR express train. Mama Mia, those folks will regret it when they realize the LR package is way less than what they could have gotten had they taken the ER.
Oh goody, now when 5k more are let go via LR Cisco gets to claim, “well we offered a buyout but they did not take it”. So disingenuous. Oh the pr spin during COVID 19. Put the word “minimal” right before the word “buyout” and That would be refreshing honesty.
Cisco is an analytics company.
Surprised they didn't set up a poll and go through the process of targeting a sample of ER eligible employees and ask them them the probabilty of taking "x" package, consisting of "y" dollars based on "z" years of service.
Then maybe they could have predicted the number that would take the package better.
Wonder if the person who designed the ER ratios is getting LR'd.
Know many ER eligible people in many teams, BEs'. Most said would have taken the package if it was the same as 2011 giving them another 6 mo. as many expected current ER to be comparable. Everyone in angst over this LR which could have been mucho smaller if the ER lined up with what those people anticipated. This decision really impact moral and perception, too bad....
What gave me a chuckle was that apparently some of the folks who took IRW, did it to help Cisco reduce expenses even though they didn't have any personal reasons.
I mean, how naive are those people? Ridiculous.
Don't confuse previous packages to today's package. The benefit is with Cisco with the $300/wk add. They can lay off 20,000 people and still only pay out $500M. They could even do it at a cost of $135 x 20 x 20,000 = $54M in NC. They don't have to give anything more than unemployment. Anything above that is a gift,
So sounds like LR cycles only post 2020.
Guessing this (now and prior 2011) might be last timeframes any ER package offered due to low acceptance.
Hopefully 2021 will be a better year everywhere.
Only 890 took IRW — that’s negligible. So I agree with the 5000 estimate for LR.
What does this mean for LR numbers?
ELT offered a bad ER package in a bad job market. Of course most rejected it.
you could tell during the check in that leadership was displeased with the surprisingly low acceptance rate
Today's Cisco checkin
""ER: 30% took it (2,100 employees)""
source please??
ELT must be shocked at this low number. this suggests several layoff phases to avoid regulatory and state compliance issues. gonna be a long 2021
In 2011 1 billion was 6500 employees. Also we dont know how many people to a cut and how many left for greener pastures. I am staying for one more year and I am out. I cant do this sh– anymore. Cisco is a drag on your life worrying every year " Is it me." F— that dont stay. Get your skills up to date and get out there is more money to be made outside of Cisco. I was laid off before and got another better job however it does not mean anything if every year you are facing the prospects of a layoff.
ER package is around 200K?? The total fund is 1B.
My package is:
Separation Pay + Years of Service Pay = 138,105
No medical from Cisco
how much people will be laid off in October LR? based on the 2100 ER.
Assume each ER package is around 200K. it is about 400M used. The total LR fund is 900M.
500M will be for 5000 in LR, I guess.