Cisco’s Big Layoff Only Weeks Away (7% of workforce may get cut)

[^_^ 5,021]

Cisco Systems is weeks away from announcing one of the biggest workforce reductions in its history. It could cut as many as 5,000 jobs — or nearly seven percent of its headcount.

...

The number of people who will be fired will be determined by the number who qualify for and seek an early retirement package: Marshall expects about 1,000 to take a buyout and 4,000 to be fired.

http://allthingsd.com/20110711/ciscos-big-layoff-only-weeks-away-gleacher-analyst-says/

[dalegg 143]

My local sales rep was one of them. Forced in to early retirement.

[^_^ 5,021]

My local sales rep was one of them. Forced in to early retirement.

I hear the package is good though.

[dalegg 143]

I hear the package is good though.

He didn't seem too upset when he told us.

[^_^ 5,021]

He didn't seem too upset when he told us.

Yeah. There are a ton of "retired" AT&T people around here, same thing happened to them back in the 80s or early 90s.. early retirement packages. They are all real happy about it. A bunch of them now work where I do, they get a competitive pay package here plus an AT&T annuity payment (they call it their pension).. and some (depending on # of years with AT&T before they were golden parachuted) even have AT&T paid healthcare (0 out of pocket premium).

If CSCO package is anything like that... I imagine they're pleased!

[Mr. Big Dog 10,747]

Yeah. There are a ton of "retired" AT&T people around here, same thing happened to them back in the 80s or early 90s.. early retirement packages. They are all real happy about it. A bunch of them now work where I do, they get a competitive pay package here plus an AT&T annuity payment (they call it their pension).. and some (depending on # of years with AT&T before they were golden parachuted) even have AT&T paid healthcare (0 out of pocket premium).

If CSCO package is anything like that... I imagine they're pleased!

I'd like one of those in 20 years, please.

[^_^ 5,021]

I'd like one of those in 20 years, please.

Gotta be a lifer at a good firm and assume all the risk inherent in doing that. You could end up with a nice package or you could end up laid off at 50 with a resume other organizations find unattractive.

[luckytxn 2,265]

I am tempted on dusting off my old resume and updating it and start turning it in to my old profession. I can just see their eyes widen when they say out loud, "He's been doing what for 15 years?"

[^_^ 5,021]

I am tempted on dusting off my old resume and updating it and start turning it in to my old profession. I can just see their eyes widen when they say out loud, "He's been doing what for 15 years?"

What was your old profession? Whatever you've been doing for 15 years can't be any worse than being an organizational politicker at AT&T for 15 years.

[luckytxn 2,265]

What was your old profession? Whatever you've been doing for 15 years can't be any worse than being an organizational politicker at AT&T for 15 years.

Petroleum Chemist for 13 years. Truck driver now for almost 14 years. I was the regional vice president on the Gulf coast and Venezuela back then but lets face it, regional vice president is just fancy title meaning a overworked manager.

[^_^ 5,021]

Petroleum Chemist for 13 years. Truck driver now for almost 14 years. I was the regional vice president on the Gulf coast and Venezuela back then but lets face it, regional vice president is just fancy title meaning a overworked manager.

Yeah, some places throw around titles like candy these days.

[luckytxn 2,265]

Yeah, some places throw around titles like candy these days.

For sure. I found out when my new business cards came after my unwanted promotion.

[^_^ 5,021]

Now they're saying up to 14% of the workforce may be cut!

Cisco Systems Inc., the largest maker of networking equipment, may cut as many as 10,000 jobs, or about 14 percent of its workforce, to revive profit growth, according to two people familiar with the plans.

The cuts include as many as 7,000 jobs that would be eliminated by the end of August, said the people, who asked not to be identified because the plans aren’t final. Cisco, based in San Jose, Calif., is also providing early-retirement packages to about 3,000 workers who took buyouts, the people said.

...

The voluntary retirement packages included one year’s pay and medical benefits, and were offered to about 5,800 employees, two people said.

[one...two...tree 2,762]

Anyone else thinking about moving to Canada before this whole ship sinks?

[^_^ 5,021]

Anyone else thinking about moving to Canada before this whole ship sinks?

Breathe, silly hippy.

Edited July 12, 2011 by \