How is Cisco going to pay for all these huge raises meant to get compensation closer to market rate? They will have to do lots of layoffs to save the money and reduce the number of raises necessary. They don’t dare cut into the massive profits because the ELT’s stock will take a price hit.
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Fran would say that our total compensation is competitive, but basic salary is lower. The difference is made up with RSU and bonuses.
Re “ recruiters are finding my profile on LinkedIn and sending me leads for jobs that pay anywhere from 10% less to at best, 20% more, not $100-150K more.”
I left at the end of 2021. Base increased 50% which was over $100k. Sorry the cheap recruiters are contacting you.
There is a very wide range of experience and technical skill sets within a Cisco pay grade. Cisco doesn't do the same level of individual reward differentiation within technical pay grades that it once did. Today it is formulamatic. As a result, outstanding technical performers are not rewarded commensurate with their contribution.
These top performers are the ones who can easily double their comp by going to a company that provides more differentiation based on individual capabilities and performance. For average, mediocre performers, Cisco is probably within industry norms.
@3xaz+1fWs2Agx, the comment was that people were making less at Cisco and that it was $100-150K less. I called BS. Sure, people are leaving, but if it was that much more outside of Cisco, NO ONE would still be at Cisco.
BTW, recruiters are finding my profile on LinkedIn and sending me leads for jobs that pay anywhere from 10% less to at best, 20% more, not $100-150K more. The only lead I saw for $100K more was for a VP level job and I'm just a senior level individual contributor, so I don't know what that recruiter was smoking when they thought I was a candidate for a VP job.
"I call bs on doubling your pay. If I did that, I would be pulling in 500k+"
Yes. Above $500K!
Revenge of the nerds. Cisco under values tech skills.
I call bs on doubling your pay. If I did that, I would be pulling in 500k+
I recently left Cisco, more than doubled my comp, and landed in a org with a great, accomplishment oriented culture. No Cisco BS, a lot more money, solid management, the opportunity to make a more substantial contribution and increase my skill set. It is all upside so far
@3ocl+1fWs2Agx everyone is and has been leaving for that higher pay. Where have you been?!
if you’re only underpaid by $20k then you are [paid] extremely well for Cisco. For most of us it’s 100-150k.
I have to call BS on that. Who in their right mind would forfeit $100K or more per year to stay at a company where they are underpaid by that much? If you can't get another company to pay you that extra salary, then you're not worth it and if you can find a company to pay you that much, then why are you still here?
Just think what you could do by putting that extra $100K into ESPP and 401(k) contributions at the new company and maintain your current lifestyle. You'd be able to retire much earlier.
Or are you thinking that because some recruiter contacted you about a VP role you think you're underpaid for your non-VP role?
call me dad wood any day, i don't give a flyin' fluck. cisco puts food on my table. i thank her for that.
I have not heard anything about payrises to align with the increase of inflation in Europe
Will they do this country by country or we are all left to fight our own battles with our managers?
"A company can't ever let itself fall behind market comp. Once it does, it quickly becomes a dead wood factory."
I'd argue a lack of competition leads to a dead wood factory. Boeing and Cisco have eerily similar corporate cultures. Although Cisco can't ki-l 200 people with a defective switch or router.
I've seen this too many times. Companies undervalue their technical staff and get behind on their comp. The best technical staff quickly leave for better comp and better opportunities. The dregs try to leave, but can't find employers willing to hire them.
The exodus panics the executive staff who then raise tech comp AFTER all the good techies leave. This raises the comp of the poor and mediocre staff above their market value. This locks the dregs in because the market will never match their inflated comp. They just don't have drive or skills the market wants. This is how dead wood factories are created.
It's already too late for Cisco. A company can't ever let itself fall behind market comp. Once it does, it quickly becomes a dead wood factory.
Post from TheLayoff.com
Um, that's not how inflation works. To justify cutting pay, there would need to be deflation to bring back in line with pre-biden prices. Inflation resuming at a more reasonable 2% rate would just mean less need for large COLA in the future.
inflation is currently about 8.5%, so if cisco gives everyone a 10% raise to beat the inflation and have something leftover, can we expect Cisco to dock our pay when inflation drops back to 2%?
Fran did say 9% overall attrition but she also mentioned that in some parts outside of the US the attrition has been almost zero. They know they have an issue in the US, we know they have an issue in the US. For most companies (see what Apple just did) the fix is RSUs vesting over time but I'm not sure Chuck has the stomach to take that hit on the street.
Huge, H U G E. I say.
Please don’t leave.
But we got Extra Days for Me!
Now you want money as well. Never stops with you guys.
Cost of Living Adjustment (COLA), if you are on social security, was 5.9%
now tell me how many folks at cisco got more than 5.9%
inflation will eat our earnings
@1vlk+1fWs2Agx except Chuck and Fran have both publicly stated that they need to fix >pay across the board to stop the huge attrition
someone told me that Fran said in one of check-in or leader event that CISCO's overall attrition is ONLY 9% or less. That tells you there will never be a wide spread of so call adjustment. One here, one there of course as always
It's simple: everyone just stop going out to eat, disconnect cable television, and keep your lights off when not in use. No Starbucks either. Or bar night.
Just buy a big bag of rice and a bunch of canned beans.
@1vlk+1fWs2Agx except Chuck and Fran have both publicly stated that they need to fix pay across the board to stop the huge attrition
Pay bumps go to VPs & above through stock grants and profit sharing. Cost of living adjustments to the Director level.
Anyone lower than Director is an inconsequential minion.
@1rda+1fWs2Agx if you’re only underpaid by $20k then you are laid extremely well for Cisco. For most of us it’s 100-150k.
I expect a $1000 "adjustment to market rate" pay raise. At the same time, I expect my annual pay raise $1000 less than last year.
Whatever I get, it doubt Cisco gives me a $20000 pay raise to be really head to head with market rate.
@1tmz+1fWs2Agx guess you missed the check-in
HaHa, that is funny. There will be no large compensation bumps/
This is not Amazon.
there wont be a pay rise. cisco will just LR the highest earners and replace them with low paid emps.
If you’re ever wondering if Cisco is about to do layoffs the answer is always yes.