Thread regarding Cisco Systems Inc. layoffs

Younger People at Cisco: Read

Now being an over 55 technology worker, a comment to the younger technology worker college graduates and hard-working folks in their 30s:

  • Someone over 55 that has been working in technology, say they started in their mid-20s (just like you maybe; out of college); if they are anything {{good at what they do}}; and maybe achieved a senior level position for a few year stint, should have a few million stuffed away.
  • Remember that when you aren't getting that next pay raise, or batch of stock options they received but you didn't; they are lining their own pockets with your money. The future millionaire you will not be so because they are hoarding the brunt of options. There was a time this was not the case; at all.
  • The term {{good at what they do}} applies even if they are work politicians and not good at actual technology. Cisco is indeed still a haven for those claiming to be a senior individual technology leader, when one really is just a tenured work politician by nature, and knows how to play the game.
  • So you in your 20s and 30s: do you really want to bust your behind working for senior people who know more how to play a game and thus line their portfolios with the returns of thousands of stock options, while you get scraps and maybe a little pay bump at year end?
  • At least back in early days of Cisco in 2000s even the 20- and 30- aged folks took part in options. Even mid-level options in your prime work years (20s and 30s) can easily make one a multi-millionaire by 50.
  • If you can't respect and admire the older leadership, AND also be rewarded by them in your 20s and 30s, WHY follow them? They are fleecing YOU over. Oh sorry, we can't give everyone options. Really? How things have changed since the 2000s.
  • All these social causes and involvement are also part of that money cycle: to lull and appease younger workers to buy in to the system, to benefit the upper management.
  • Go out there and get what YOU are worth, especially when you are young.
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Post ID: @OP+1eVzplKo

12 replies (most recent on top)

@2uox+1eVzplKo - Right. you aren't anything in csco that isn't a AM or director level at that or with that due to the pay from there or options. anyone believing that or concurring is absolutely delusional.

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Post ID: @8fgx+1eVzplKo

Duuurr. I’ve been working 41years, not 51, although some days it feels like it.

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Post ID: @3ier+1eVzplKo

I started in tech in a smaller country when I was 21. I now live elsewhere (not the US) and I’ve been working 51 years. I’m still an individual contributor although a fairly senior one now. I moved countries a few times. I never got a heap of shares from Cisco since I joined after the real gold rush. Only in the last few years have RSUs started to flow. That’s because HR have been using them as a retention tool in place of salary raises (not had one in years except through promotion). Promoted 3x in 17 years.
I’m worth somewhere in the region of US$8-9 million. Ok, I’ve been lucky with property and investments, but if you are careful with money and don’t p-e it away, you can end up with a chunk. Of course, I’m probably an outlier.

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Post ID: @2uox+1eVzplKo

Good post, but I'd add to this that anyone in their early career (20's-late 30's) should be moving from company to company. You get your biggest pay increases when changing jobs on your terms: You negotiate for something that pays better. you quit your existing jobs on good terms, and you move up and on.

Change jobs in this way at least every 5 years if you're in a growth industry and you will wind up with a few million by the time you are in your 50's provided you invest and spend wisely. Always live below your means, learn about dollar cost averaging, learn about asset allocation, learn about interest rate risk, understand the power of compounding.

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Post ID: @2vti+1eVzplKo

"So In 7 years that’s $350k in stock (minus taxes). When your stock vests, cash it out and invest it in shares that actually have a decent return."

See, after 7 years you barely amassed $230K net. And you simply don't know which shares have a decent return. Hindsight is always 20/20. Look at all the clowns flaunting the fantastic virtues of Bitcoin, totally assured it can only go up. The thing is that Cisco doesn't give the vast majority of folks enough shares to stash away a few millions net of taxes in a bank account when you reach the age of 55. That's the simple truth. If you've been a director/sr director/principal/distinguished for over a decade, you'll get $500-600K net in the bank. That's not a few millions. The majority of American families live from paycheck to paycheck. Don't believe the BS that if you're 55 in high-tech you must therefore have stashed away a few millions.

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Post ID: @2idu+1eVzplKo

Re “ Riiiight .. I'm sure you have "a few millions" stashed in the bank.” I don’t understand the skepticism. If this person lived in the Bay Area when housing prices aren’t as stupid as they are now, they could have easily lived on their salary plus bonus and stuffed away years of RSUs. I came to Cisco a few years back. Was given 2000 shares ($50 share at that time). I received refreshes each year in similar amounts (close to about $50k in valuation). So In 7 years that’s $350k in stock (minus taxes). When your stock vests, cash it out and invest it in shares that actually have a decent return. Start younger and go to 55, this is completely doable. Starting in 2022 with the sh---y equity plans Cisco gives those below grade 10…well that’s more challenging.

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Post ID: @1ysx+1eVzplKo

@1jvz+1eVzplKo

Yes it is true. Anyone that was around in the early 2000s, and did say 15 years, is most likely worth at least $2M now; if they lived a normal lifestyle and invested.

Many friends here in NC in same boat. A few still there at Cisco, G10-ish grades.

You can believe it or not, your choice.

The point is they were MUCH more generous on deferred compensation for everyone back then.

Fine, don't believe it. Maybe someone else that did a stint of 15-ish years and left post 50 can comment.

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Post ID: @1cso+1eVzplKo

This got downvoted big time but it's the truth. If you work in tech and don't have a few million stashed away in your prime years then you have completely wasted your life.

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Post ID: @1rzu+1eVzplKo

hes right, 55 or older in tech, we have millions in stock etc, several 100k in bank but rich by no imagination, and playing politics every second of the day ,tech is easy for us , hard for you as you get no direction or leadership, neither that we need to be successful so go back to watching tik tok on your phone while on conf calls, we can run the business.

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Post ID: @1xms+1eVzplKo

Upper management should seriously look into the way RSUs are distributed in Cisco. Engineers in grade 8, 10 and 11 are getting nothing.
This is nothing but daylight robbery. Without RSUs, you won’t be able to afford retirement, your kids college tuition fees and mortgage.
We are just slave to tech and this way of living in Bay Area. Life is short, not sure if it worth spending hours on the computer and monitor for decades.

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Post ID: @1bhs+1eVzplKo

Riiiight .. I'm sure you have "a few millions" stashed in the bank.

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Post ID: @1jvz+1eVzplKo

I just smash and grab and shop lift. I am protected from prosecution.

In fact I need 949 dollars worth of stuff tonight...

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Post ID: @1wqj+1eVzplKo

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