The reality is any hi-tech company needs to evolve its portfolio, to adapt process and transform its org structure. Cisco has a heritage in delivering HW, which will increasingly commoditise and as with other hi tech firms , it will need to continuously evolve both business model and its portfolio.
The move to new consumption models, automation, software defined x , the impact of open source means that value moves up the stack , but so do the valued skills and knowledge required. Every function from Sales , HR, product management and engineering etc need to adapt. Some companies will not and did not react to the changes required , RIM , Nokia etc etc
Cisco are no different. Everyone whether you are working for a large coporate or a small start up should expect organisation transition and the evolution to relevant skills and knowledge. Whether that's how to sell , how to market, how to code , how to manage/ operate / support etc you should balance the day job but always be augmenting and keeping abreast of where value and demand is.
I don't think you should expect more than one - two years of status quo, expect transition, to move internally or externally.
Also expect leaders to get the strategy wrong. It's ironic that some leaders are in fact unable to or too arrogant to adapt. They can't see where investment, retention and change needs to happen, and therefore create issues for their employees down the line.
Any hi tech needs to balance innovation, acquisition and canabilizing your existing business.
In general redundancies/ layoffs on the whole are brutal , dressed up as fair and objective , however at the end of the day whichever company you are in the numbers will drive this (and sadly some people don't equate numbers to lives and people). Those individuals tasked with saving opex will be set an objective (save x% in line with the companies need to adapt and stated measures ), however as we all know there will be an element individual bias / influence.
Ultimately it's up to the exec leadership team to balance short term and long term needs. Leaders will naturally get things wrong , investing or divesting in projects or initiatives. Dont underestimate how certain initiatives will fail because of the lack of investment, or lack of coherent aligned thinking with other units or teams.
My view whether your a manager, exec leader or an individual contributor : don't expect loyalty, expect some poor decisions on strategy, expect issues on execution due to lack of investment, wrong skills, people etc.
If you want to survive, to maintain relevance, to constantly adapt - don't assume what you know now will be relevant for the next 2 years.( let alone 10) Be prepared to pick up skills and knowledge, keep abreast of market trends.
At least that way you are prepared to adapt and ultimately, look for the next challenge internally or extenally.
If you are ambitious and driven you will likely find that you can get there quicker by moving roles and even companies, alternatively you need to be prepared to dance to the corporate tune and make other people look good.
Transformation and disruption of hi-tech industry is happening, so you do need to plan for this.
Specifically anyone hit by LR and looking externally - as others have said use job sites , use linkedin for the network etc. For those that feel they haven't got marketable skills, be prepared to use Cisco as a brand, polish the cv but invest in yourself and be prepared for change. Do not assume 16+ years in the same company, is a good thing! As you can't naively assume the loyalty you offer to that chosen company will be valued /returned.