Employees were told by accepting the shutdown the week of July 4th would significantly help lower the number of those impacted. ELT never attached a number when feeding us that garbage. July 4th shutdown never was going to save any jobs. Shutdown was designed to reduce number of vacation days on the books so Cisco can lower its liabilities and look better when reporting to the street. In these turbulent times it is important to accumulate as much vacation as possible.
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People here were expecting 2-4X the losses. What are you complaining about?
When revenues double every few months stock is handed out like candy. When revenue drops the belts tighten as much as possible. I'm sure there is a well established area of study as to how to let bad news out in a way that minimizes the damage to the stock, and those processes don't take your feelings into account.
Put another way, the company isn't going to spook people away until they need to, just like the very few of you who start interviewing don't tell the company until the risk has been mitigated by an offer. As all companies' words aren't worth the paper they're printed on, offers can be rescinded as you're moving truck is half way across the country.
Employees were told by accepting the shutdown the week of July 4th would significantly help lower the number of those impacted.
What makes you think it wasn't?
As a Sr Director I can confirm everything the ELT does is meant to protect their power, control, and RSUs. They don’t trust individual contributors with information so they conceal and provide half truths to maintain an illusion of control. It’s discouraging to see their behavior in action.
In order to obtain an exemption from WARN notices, certain things must be documented by a company to legally show that attempts were made to avoid layoffs — and that the layoffs are due to unforeseen business conditions that might constitute an emergency. This is a conceivable strategy underway.
"Well the ELT said...." Protip: don't ever believe anything they say. Sociopaths never tell the truth or are transparent.
The bloated director and above population across Cisco has always been a problem. Highest salaries, bonus targets and stock grants yet when cuts come, it's the mid and early career employees that are impacted.
The corporate culture at Cisco is a joke and it’s mostly leadership’s fault. I literally don’t believe anything they say anymore.
July Mandatory PTO was to get ahead of the presumably terrible Q3 numbers
Cisco should offer to buy back 2-4 weeks of PTO per year. I'm sure many employees would prefer the extra pay in lieu of time off and would clearly reduce the liability for the company.
Unused PTO is a liability on the balance sheet. It has nothing to do with cash, but of course it helps on the bottom line if there is little to no PTO vs. making accruals for hundreds of thousands or even millions of days.
I don’t think the July Mandatory PTO was aimed at reducing liabilities for this layoffs. That shutdown is only going to help with layoffs after this. As a matter of fact announcing that shutdown might have made people save on their PTOs even more because they know they are going to get dinked twice rather than once like before.
it is important to accumulate as much vacation as possible
Companies do NOT have to pay out unused PTO in many places. I don't know what the rest of Earth is like, but here in the US, MANY states to NOT force employers to payout unused time. I live in a state where that is not mandated and have never once gotten a single dime in my nearing 30 years under the IT umbrella - even when separating from companies incorporated in states that do force it.
First rule of working at Cisco:
Don’t believe anything the ELT says. There might be sprinkles of truth mixed in, but it’s mostly corporate word salad.