According to Cisco, the layoffs this week were disclosed in November 2022
Employees claim that they are still being laid off regardless of whether the layoffs were just reported or not.
Personnel at networking juggernaut Cisco Systems posted this week that the company is once again laying off workers. People perceived this as a new round of layoffs, although Cisco insisted that it was only carrying out plans that had been disclosed in November 2022.
Despite stating that they were an element of the 4,100 job cuts it had earlier disclosed, Cisco acknowledged to the common public that there had been a wave of layoffs this week.
The rebalancing exercise we started in November 2022 included a limited reorganization that affected our real estate portfolio and around 5% of our personnel, according to a Cisco spokeswoman. “These recent notifications are part of that rebalancing effort,” the spokesperson added.
Despite reporting record quarterly sales of $13.6 billion in November of last year, Cisco stated it would be letting go of about 5% of its 83,000 employees.
The business stated at the time that it was reorganizing to reposition the business and permit additional investment in important priority areas.
“Don’t consider this a workforce reduction initiative driven by cost-savings. “This is truly a rebalancing,” CFO Scott Herren remarked at that point.
On Thursday, a Cisco representative reaffirmed that statement.
The representative stated, “As we stated then, this is not regarding cost savings as we have approximately exactly the same number of employees as we did prior to the process.” As the technology landscape changes, “this equilibrium is about focusing investments in our alterations in order to meet and go above our customers’ expectations.”
The business is going to keep making every effort to assist in matching those affected with open positions and providing substantial assistance, such as generous severance payouts, according to the representative.
Disgruntled employees react
Although this is a brand-new wave of layoffs or one that was earlier disclosed, it doesn’t really matter to the affected individuals because they continue to lose their jobs.
An employee of Cisco in Bangalore informed a press organization that coworkers there had been let off.
“Some staff were laid off, and there are rumors of additional layoffs. The individual, who asked to remain anonymous, stated that as far as we are aware, they will be spread out throughout the various business divisions and include engineers and security engineers.
The employee claimed that a number of high-level directors received the pink slips when the global layoffs got underway.
“We don’t really know if the job cuts are from the most recent wave or the ones that were previously publicized. Employees that are laid off simply lose their jobs and money. In addition, employees are feeling scared and panicked because of the layoffs and the state of the labor market, the employee said, adding that a reorganization plan was cited as the justification for the layoffs.
There is no clear estimate of how many workers have been laid off so far or exactly how many more there will be.
Employees of Cisco have also confirmed layoffs globally via social media.
Layoffs continue in the tech industry
Technology businesses have increased the rate of layoffs in 2023 as a result of the unstable economy worldwide and sluggish revenue growth, with the overall number of staff reductions now exceeding all tech-related company job losses from the previous year. Big tech businesses went on a hiring rampage throughout the pandemic when lockdowns triggered a tech purchasing spree that promoted remote work and a spike in e-commerce, and now they are facing revenue declines. This is primarily to blame for these layoffs.
Layoffs.fyi, an online tracker monitoring job losses in the tech industry has collated statistics showing that 2,188 tech companies have fired around 482,525 employees so far this year, compared with 164,411 last year.
About The Author:
Yogesh Naager is a content marketer that specializes in the cybersecurity and B2B space. Besides writing for the News4Hackers blog, he’s also written for brands including CollegeDunia, Utsav Fashion, and NASSCOM. Naager entered the field of content in an unusual way. He began his career as an insurance sales executive, where he developed an interest in simplifying difficult concepts. He also combines this interest with a love of narrative, which makes him a good writer in the cybersecurity field. In the bottom line, he frequently writes for Craw Security.
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