For all US employees it could cost $100M easily. So maybe the restructing cost of $700M to $800M for Q1 includes this as well and less headcounts for LR ?
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You are a problem if you are saving up for a 5 week trip to India. Wtf. I don’t want employees taking 5 week trips
While 5 weeks is a lot for a team to absorb while one person is on PTO, Cisco will layoff one or more people from a team and ask them to absorb that workload for 6 months or more before they hire a contractor. So what's the difference? At least when they come b back to work, they have their accounts, know how to do the job, etc. Whereas a contractor has to get a laptop setup, get all the account accesses requested and granted, learn the processes, etc.
A PE I know at Cisco just spent 2 months in India. I wonder how much PTO he used vs working from India. I know he had his laptop as I saw him online in Webex frequently.
I recall an American coworker who took 30 days off to travel to the Beijing Summer Olympics. His wife's family lived in Beijing, so they went to stay with them and attended many events. He definitely wasn't working and didn't take his laptop to China with him. Everyone was sort of jealous he got to spend 25 days at the Olympics, but no one cared that he was out of the office for 30 days.
When I worked at Capital One, Indian contractors would take the 30 day break to go home every other year or so. One guy when home single and came back married.
The PTO payouts are already accrued. No financial impact other than cash.
Wtf. I don’t want employees taking 5 week trips
Why not?
You are a problem if you are saving up for a 5 week trip to India. Wtf. I don’t want employees taking 5 week trips
i feel bad for the people saving up for PTO for 6 week trips to India. Probably not in the cards now
They’d have to pay out all American employees, not just the “5000” laid off.
Lets do some back of the envelope math. $100/hr * 5000 employees * 100 hr is $50 million. I think I am being very generous with the hours.
Ignore the $ amount - don't throw too much math at it. It was communicated on CEC that 7% will let go.
No effect on LR as this hits balance sheet not income statment