Your experience depends pretty much on your location.
For us in the US it's a 1:1 with your boss coming up, maybe a regular one being moved to another day. You'll be told you're being restructured or fired or whatever the exact reason is, you can hand in your sh--, maybe there's some handover agreed on. Depends on the manager. There might be some severance, but again it depends.
If you're in e.g. Europe, the local countries will have laws handling this. If I understand in Germany, it's a guaranteed severance of one month per year of work. e.g, you've been with Cisco for 6 years, you get half a year salary as severance. There's usually some notice period as well, so you might get up to 3 months paid leave to look for a new gig.
Not the worst deal.