deets to come in future post.
40 replies (most recent on top)
Will ER be available outside of the US?
The OP poster was Kelly 🥶
@2pff+16nmQ8cs to make fun of you stupid losers who stuck around when you could have got off your butt and done something. you made your pie, eat it, ill be vacationing at my beach house.
@OP was in the know
“ In the first quarter of fiscal 2021, we initiated a restructuring plan, which includes a voluntary early retirement program, in order to realign the organization”
@2cxs. Do you want fries with your LR?
The LR'd young folk are merely used as balancing age payload to avoid age descrimination. Time to put your Barista hat back on in a bit.
ER would make sense as all older people left are not the brains
Those people -already left in 2011
@2ijf so why the f are u still coming here for?
I left cisco and am making alot more in total comp even without RSUs, which they dont give anymore, but I do miss the company and people, not the constant fear of LR no matter my performance, its all based on your EL and bean counters especially when you get grade 11 and higher as IC. Might come back when i get tired of working hard, but probably be too old for them to hire as they only want 25 year olds it seems.
Doesn't matter if ER or LR package. Even LR package is a nice amount of money. I really miss Cisco but getting LR'd almost three years ago probably added a decade to my life because I am not working all the time. Or worrying about an LR all the time. I do not make as much money now, but honestly love my job and have true peace of mind. The biggest key to the journey is save your money while at Cisco so once you are LR'd, you not only turn a page; you start a completely new separate book.
I want both the ER and LR package. I a 33-years single white male with no kids.
You will get both as it is your damn right. Such an entitlement....
Well, compared to most LRs, this one has been kept much quieter.
I suspect it’s either because it’s not happening, or because, most likely, nobody below VP level knows anything.
I fully expect an ER - it makes the most political sense, but it’s a really dumb move for company intellectual capital. We have one guy eligible in our MIG BU, and we will be royally scr3wed if he takes it.
Personally, I’m now eligible as well. I wasn’t ready nor planning to retire this early, but old white guys aren’t exactly welcomed with open arms around west coast tech these days, so might be time. Not really ready to fight the culture wars.
I want both the ER and LR package. I a 33-years single white male with no kids.
I think ER announced this week and depending on how many voluntarily accept will determine scope of next LR.
Based on what I've read here I would qualify for ER. That will be a tough decision given the job market and economy.
Good luck to all.
ER could be a kind way of jettisoning older work force during a pandemic
Good PR move if true.
I first heard rumors of an ER a few weeks ago, so not that "locked up". I wasn't eligible in 2011. Now, even with the rumored increased age (from 60 to 70) I am now eligible.
I simultaneously wish that I'm offered the package as well as hope that I stay employed.
Yeah, if there really is anything happening, they have really kept it locked up this time.
No one here knows anything. Directors and managers I work for either don’t know or won’t say. We’ll get news of some kind tomorrow, so that’s good. CPF and announcement or not for LR and/or ER. Less than 24 hours away...
ER package targeted or open to any who qualify?
The chopping indeed has begun.
Choppin' Broccoli
Choppin' Brocoligh
https://youtu.be/VUrbtUwsRXo
It will cost the insurance company, not Cisco.
And before you think about stating that increased claims lead to costs going up, that is across the board, not specific to Cisco.
So insurance premiums will increase regardless of whether in Cisco or outside. Covid has caused that already.
The chopping has begun
Come on..if the employee dies you still have to pay life insurance, right? THAT will cost ya.
That would only LR the social people. Mostly sales.
covid is natural selecter process and cisco gonna be happy cuz no paying LR packag to peopple. that why cisco waiting and waiting not LR peopple.
The referenced "covid factor" is not about covid deaths. It's the statements by Chuck at the start of the pandemic that Cisco would not further contribute to the crashing economy by laying off employees, while even criticizing other firms for doing so. If the ELT decides to continue this virtuous approach through end of CY20, then an ER make sense to lower operations costs in advance of hopefully a return to business as usual in 2021.
if 10% of cisco dies due to covid19, the LR can be avoided.
What does COVID have to do with this? Probably did NOT have 20% dead due to C19? THAT your plan?!?! Maybe try another.
how many people have died due to covid19 in cisco?
Just glad I didn't take a job there. I don't miss the constant layoffs and having to worry about getting a job. If Cisco is going to layoff again I can pretty much size up targets.
- Anyone in their 20s or early 30s that used the low unemployment rate to command very high salaries: $75k+ with little or no experience that thought they were owed big money
- Any worker age 50. #1 has to be used to offset age discrimination
- Anyone that is successful, does their job well, stays out of office politics, and doesn't blow rainbows up their manager's rear.
For those that are affected, I hope for greener pastures for you after the dust settles. It is going to be a long road back to near the salaries you were making. A few that I know that were laid off are getting some traction while searching, but the salary numbers are drastically lower than what they think they can get. That salary question is one of the first triggers to send your resume to the garbage pile and 6-figures is not the norm and in many cases in this environment it will be half of what you made before or less. It is S&D. There are 1,000 qualified people after that job instead of 5.
|How many people fit these profiles:|
Likely in the few thousands. The calculations below also don't include the "covid factor", which is the wild card in 2020. Maybe
Where are those deets bro?
Possible but not likely. The pool of people taking the ER would not accomplish whatever was intended as it is essentially the same group offered previously and would be too small of pool to have any material impact on expenses. If it was 50+10, ten years ago, it wouldn't seem logical to have it available for 60+10 if offered
If this rumor is true, it seems to constrain eligibility with a 70 number, with minimum 10 years at Cisco + age to get to 70 or more. That sounds possible.
How many people fit these profiles:
- Age 60 with 10 or more years of service? That would imply they were 50 when hired 10 years ago. I'm sure Cisco has hired people 50 and over in that time frame, but how many stayed for 10 years? Doesn't really sound like an "early retirement" at age 60.
- Age 55 with 15 or more years of service? Now you're talking about people who were 40+ hired 15 years ago. How many of those are still around after 15 years and 10 years of annual hunger games?
- Age 50 with 20 years of service? Save as above. I'm sure there's some, but not enough to make appreciable differences in employment numbers.
Older people with 10-ish years of service tend to be at the VP or SVP level. We don't have thousands of those.
Most people with 15 or 20 years of service who are still at Cisco tend to be those that hired in as college hires or early in their career, so they're in their early to mid 40's, so they can't get to the "70" number of age plus years of service. Maybe 65, but 60 would be better.
BTW, who's using the WFR term now? Workforce reduction is so politically incorrect now. We do (limited) restructuring because it implies that we're doing something constructive and improving things instead of just cutting costs by reducing the number of employees. Any company that simply cuts employees has to do one of several things: eliminate work to match the existing workforce, temporarily overwork people until you eliminate work or re-hire people, or outsource the work to a cheaper workforce. None of those really make investors think you're making improvements, except for the possibility of those that still think outsourcing work is cost effective.
Last time in 2011 the magic number for eligibility was 60, i.e., at least 50 yo, then age + # of years of employment => 60. If this rumor is true, it seems to constrain eligibility with a 70 number, with minimum 10 years at Cisco + age to get to 70 or more. That sounds possible.
20% is believable iif volunteers
I’m calling BS. Just deciding who to get rid of to make up 20% is a multi-year job.
ER is very doubtful. Has not been done since 2011. Too many good people took the $$ and ran.
WFR = Work Force Reduction. Total target of LR + ER is 20%
20% sounds high, that's like 14k people. 20% payroll reduction sounds more of a target.
Original poster someone under 30?
BS
20% my S
Will they continue to stop the truth from being told? Thanks for letting us know.
Tell us more please. Use proper English next time you post.