I guess the rsu vesting change is to retain older employees? Or push them out?
Starting next Nov rsu will vest 100% if you leave and meet some age and service requirements
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This is the right thing to do, but we already screwed people out of their options in March! The problem is Cisco doesn't can't say they screwed up and make it up to the people we have stabbed in the back.
LR is happening every week, numbers are small enough noticeably no need for SEC filings.
You only need to have minimum 5 years of service with CISCO? If the reason is to appreciate for folks spent long years with CISCO and is thinking about retirement, then 5 years make no sense. Got be like 10 years of service minimum. The earliest time folks that are eligible with 70-rule to get any RSU fast forward benefits will be Nov 2024. We will see how will this play out from now to Nov 2024. I am pretty sure there will be a LR between now and that time.
You have to wait 1 year to get the 100% though
This is 100% to get older people to leave and cut costs. These RSUs have already hit the company for costs, so if you can take that and leave voluntarily they don't have to pony up layoff packages for those who use it. With that said, it's smart. It's a big of a win/win. If you're thinking about leaving anyway, you don't have to wait for a layoff. Take the money and run.
we'll give you the last small block of options you have and we'll keep any others you have. Another creative way to hose tenured, productive employees. csco can do that because we know how well the centers do with the customers. Nothing like paying $300 an hour for someone to run an automated report but that can't speak English or has any idea what the report means. I do like the LOA racket so I'm betting that loophole gets closed in the next few weeks.
"The mind-games of the hogs in charge at this place do not apply at all tech companies. They should not be in charge, and are slowly ruining the whole thing. Do you want to really be part of their feeding from the trough, which largely is their executive compensation being funded by LR "savings"?"
this is the most genuine post i've ever seen, appreciate your insight
This is a great benefit! Love Cisco.
Glad to be out of this game now for a good half decade. The Cisco LR is the best thing that happened in my career.
Pretty sad to write that, thought Cisco would have been the last company I worked for.
The best part of it is now seeing many of the chain of command that was in charge during my LR; also then similarly LR'd during subsequent cycles.
Once one is away from all the LR cr@p and the constant fear that you are next; one realizes what a waste it was to stay and try to navigate the river of sewage trying to stay somehow safe.
My advice to anyone, now five years out, is to spend as much time as possible to GTFO; strive to pursue the next job all the time. That is the advice I should have took myself.
The mind-games of the hogs in charge at this place do not apply at all tech companies. They should not be in charge, and are slowly ruining the whole thing. Do you want to really be part of their feeding from the trough, which largely is their executive compensation being funded by LR "savings"?
Just a theory.
Sounds like smoke-and-mirrors stuff to protect against discrimination lawsuits.
Appear to care while sharply curtailing any new RSU grants that might actually vest under these new circumstances. There has been a lot of chirping about people with unvested RSUs being more vulnerable recently, true or not.
Most more 40+ have less than 35 years left on this planet. Do you want to spend them working for a company constantly laying off loyal employees? F that take your experience to the competition and show them how much they F’ed up for letting you go to save a few short term dollars.
@yrf+1pS1k50R thus making it look like a nice gesture on paper but in reality worthless for anyone getting whacked in 2024.
I wasnt nervous until I got this email, if anything it seems like they want to soften the upcoming LR targeting over 50 plus tenure at Cisco which means anyone who can actually do their job at a high level, we are the ones who the customer respects and calls. you can cut us to save 2-300k but assure you we bring in 10s of millions of business with our knowledge and skills , try that with any CX centers or offshore talent.
Of course that was supposed to be >=55 and not 15, but you knew that...
I think this is just a measure for mgmt to make it sound like they are being generous to workers. Age >= 15, with minimum service of 5 yrs AND age+service >=70 has got to be an incredibly small slice of employees that aren't already well compensated execs (VP+)
Maybe 500-1k employees that aren't VPs meet this criteria? It's specifically the cohort targeted for LRs
Not too many survivors in this group
Well, if you don't have gray hair or wrinkles you might pass for a few more years. Better dye that hair if it's gray.
What if I'm in top health (no medication at all) and over 50, does Cisco still want me to leave?
Go to the "offramp" section on the benefits portal. Your medical is paid by Cisco for a year. Zero salary, but paid medical. You have to make noises like it's just a one year break. And you have to be on good terms with your mgr to get LOA. I'm on it now. Paid medical & dental both me and wife.
Tell me more about this offramp LOA
Cisco tells you in every possible way: If you 50 or older you are no longer wanted. Apply for an "offramp" leave of absence. Get your medical paid during that year. Quit after your LOA concludes. Then pick up your RSUs and leave. You are going to be purged on your terms or theirs. Play Cisco for all you can get on the way out.
The bad part of the Nov 100% is if there are mass layoffs before that to save those RSU payout to 0%