Found out that many almost 40s were hit in the "restructuring" (aka get rid of older workers effort). Sorry, that isn't going to work. Regulators aren't stupid.
It's just too obvious to ignore. They messed up. Went over the line into the danger zone.
Remember, you can take the severance and still file a complaint with DOL and other agencies. In most cases you won't get a financial recovery but you will have justice.
There are a slew of older folks I know in the LR. They are usually higher-paid and then legally Cisco doesn't need to pay out on the RSUs. It's a huge legal loophole that Cisco uses that saves hundreds of millions. If Cisco had to pay all the outstanding RSUs to those they put in the LR, Cisco might stop this sick layoff culture when profits are good.
Shareholders, be proud of Cisco. Sr leadership looks after your profits more than the employees!
Employees, don't count on your RSUs. The more you get, the more likely you are to be in the next LR.
Literally everyone I know of is >40.
If you are 40 you are considered young by Cisco standards (Unless you are intern)
Almost 40 is considered young by Cisco standards, what are you smoking?
The meds they take is a huge financial burden for the company.
No it's not. Between the high deductible plan, or the much higher premiums for the PPO plan, most of the Rx costs are still born by the employee before Cisco has to start paying for healthcare claims.
I have 7 Rx's and I'm in my late 50's. None of them are for bi-polar, but instead are for high blood pressure, cholesterol, adult onset type II diabetes, enlarged prostate, bladder control, etc. and my annual Rx costs are under $100/mo or $1200 a year. Comes nowhere near meeting my annual high deductible savings plan deductible.
Just wait until you get OLD. It happens to EVERYONE!
I would say it's like death and taxes, but the rich seem to avoid taxes, so it's just like dying. It happens to everyone sooner or later.
"You can't avoid getting old any more than I can avoid it."
Exactly. They will learn the hard way that no matter how good or clever they are, they will get the same treatment. Life is funny. Plans rarely work as expected.
Firing a load of older employees is not age discrimination. Good luck proving that it is.
While proving it is age discrimination is not easy due to the tricks companies play, firing a lot of older employees _is_ age discrimination. Otherwise the age distribution of those being fired would match the age distribution of the company as a whole. And if you look at the Appendix A of each department's impacted employee, they are not spread evenly across the age brackets. There's one or two people below 40, 90% in the 40-50 range, and one or two people in the over 50 range. Once you get above 50 or 55, Cisco finds it harder to get rid of you because they can't let too many over 50 go at the same time.
The biggest "lie" companies use about letting older workers go as justification that it's not age discrimination is that the older workers are "just too expensive". The problem is, that with age comes experience, and with experience comes higher pay and a bigger target.
Companies need to realize that experience means that you've seen issues before and know how to deal w/ them instead of wasting time solving them. Getting products delivered faster is money by beating your competitors, so why go with younger, less experienced people over more experienced?
If the push to keep only younger employees continues, and retirement ages keep going up, at some point there's going to be a lot of unemployed people over 40 or 45 who can't find work to do until they're supposed to retire. Or they're going to be working in roles that pay less money requiring them to work even longer in life before retiring because they can't afford to retire due to making lower wages than their experience is worth.
This is an issue that's going to affect all the younger generations behind me as they get older and get to where I'm at in life. Hopefully I can afford the popcorn while I sit back and watch all the people who've been saying us old folks just need to get out. You can't avoid getting old any more than I can avoid it.
They’ve been doing it for over 10 years. Want the severance ? Then sign here giving up your right to sue. Over 40 here left a year ago after many years at Cisco and couldn’t be happier. More money and way less stress.
"Step 1: Sue the company for age discrimination and wrongful termination"
That isn't what I've been seeing. It's been, take the severance but file a complaint anyway.
It's true that you can take the severance but still notify of violations. Not sue, notify and let the DOL investigate and fine. DOL will also go back in time and look for other violations. It's a mess to deal with. Cisco deserves it.
I see a lot of these comments about suing the company or filing complaints for wrongful termination. No doubt most are just blowing off steam but sometimes I wonder what pretzel logic is going on in these peoples' minds.
Step 1: Sue the company for age discrimination and wrongful termination
Step 2: ???
Step 3: [Dr. Evil voice] One...hundred...BILLION DOLLARS
Probably 75% of company is >40. How can they make those numbers work well?