Thread regarding Cisco Systems Inc. layoffs

Yes, it’s weighted equally.

IPF = Individual Performance Factor
CPF = Company Performance Factor

Bonuses are based on the CPF & IPF. The company CPF was 0.72.
A manager has a bonus budget to split between his/her team. A 1.0 Performance Factor means you get 100% of your bonus percentage. In order for a manager to give someone a larger bonus for above average performance he has to increase their IPF to above 1.0 and offset that by lowering someone else's IPF to below 1.0.

If your bonus is 11% of base pay, in order to actually receive an 11% bonus, both the CPF and IPF have to equal 1.0. With the CPF at 0.72, employees are losing a little over 25% of the CPF portion of their bonus.

I just don't recall the formula that your bonus is calculated on. I don't know if it's weighted equally between CPF and IPF or not.

what does IPF stand for?

• qualify.

IPF's haven't been inputted yet.

Correct, the P&LI tool only opens this week. But they are going to use the IPF from last year for ER.
Although Fran on Thursday mentioned several times that an IPF of 1.5 would be the cutoff, that’s most likely wrong (shows you what IPF’s look like in exec land).
It seems that every function will be able to determine their own criteria of who will be allowed to quality.

Overall, the Feb LR people got a better package as they were retained until end of July due to pandemic. Don’t expect too much, the ER package will be in the same ballpark if not less.

IPF's haven't been inputted yet.

What happens to RSU's That aren't fully vested?

They are accelerated.

They sink into the abyss

What happens to RSU's That aren't fully vested?

Regarding the LR - that’s not true, I believe
You will be notified that you are “on a list”
You have three options:
You have some time to find a job (and keep working)
Take the package on offer immediately
Take immediate leave on no pay (I didn’t get this option)

Then if they really want to eliminate your job, there will be a second notification in about Nov that you are really gone, and then you get a reduced package.
They haven’t announced the details of any deal.

HR sending out ER notices via email
On 8/18/2O. Hr told me this. Qualification is at least 50 yrs old and minimum 7 years of service. Can also choose 80% salary with 80% work time.

LR next in October. Number depends on who takes ER. If given the LR you will be given 90 days to find another job. But you will have to work during those 90 days while you search for another cisco position or you will be terminated without a package ..

The IPF part is tricky. So you if you are a top performer, you don't get the opportunity? How does that tell people to perform (or rather not perform) in the future? I believe I would leave out of spite in that situation. Guess it is the Socialist way now - lowest performers and least responsible get rewarded.

I think Fran said email. Anyway, you’ll know early next week (as long as you’re in US, Canada or Mexico). But if you’ve been recently promoted or a super star IPF, or In some unit that blocks you, then you will not know. And the manager gets no say-so.

"have we got Children here" you sound a little bitter.

Just tired of people who type rubbish and never read what is in front of them.

Anyone know how they will be informing?

"have we got Children here" you sound a little bitter. I hope to get early retirement been waiting on Cisco to do this for years.

how much

Have we got children on here?
The hint is in the phrase “NO IDEA WHAT THEY ARE OFFERING’

What would one expect if they are 57, and have been there for 16.9 years?

how much

Minimum of 50 + 7 years service. Must equal 62 or above.
No idea what they are offering. Only being rolled out in five countries to start with.

heard must be minimum of 50 + years of service to equal 62

Early Retirement is not the same as a Severance Package.

Early Retirement = Age-based offer (more years served = more $), extended medical coverage in package (e.g. 2 years completely covered NOT COBRA bu11sh*1), etc.

Severance = Here are your RSUs, a couple months salary and the option to buy really expensive medical coverage. Now GTFO

Is there anyone from finance here? Maybe that person can put this debate to rest, is it 200,000 per head?

Leadership Managers Meeting on Thursday, they will be informed then.

https://www.wsj.com/articles/cisco-to-pursue-deep-cost-cuts-in-corporate-tech-spending-slowdown-1159726849

@1nq - Read the earnings release

I'm sure many models were run to get to the number they wanted. I'm just hoping the minimum age is no greater than 50. Those that are off by 1 or 2 years are going to be p-ss-d.

Is this just a wild rumor or is there anything substantiated?

Age + Years will be in the order of 50 + 15

70

Wow it sounds like it's been announced externally.