Any word on early retirement?
23 replies (most recent on top)
“Leaders” all-hands on 13th August.
Expect mischief on the 12-14th.
No ER
Standard LR
Not very impressed
I hear the ER is on. Notifications are imminent - like this week. Don’t know the package or age/exp. threshold. I don’t know anything about LR.
Not true. Yes, ER was voluntary, but people assumed that the LR following ER would be as generous as previous LR’s and held out. It wasn’t.
There wasn't really any previous LR's go judge by back in '11. Prior to '11, the largest workforce reduction was back in '02, which was only 2000 jobs. When they ER was announced, the package was described and people were told that if they didn't take it and were on the LR list, they would not get the ER package. I think the LR package was also described at the same time as a way to encourage eligible people to take it rather than risk the LR and getting half the package, but it's been so long I don't remember the specifics of when each package's details were released.
IIRC, they announced the ER package in April or May with a deadline to accept it around June. Then in May, it was announced that a massive workforce reduction would occur later in the summer, but with no numbers. Then, in June, the numbers for the workforce reduction, as it was called back then, or WFR, were announced and stated that affected employees would be notified between Tue-Thurs (Aug 9-11). I recall being very impressed with the package given that my previous layoff from a large corporation was a bare 2 weeks plus 1 week per year of service and NO benefit coverage. I, and several others on my team, started looking for new work as soon as we heard the announcement in June. My team was gutted between all the people who voluntarily left in Aug thinking they were going to get cut plus the ones who were actually cut that they lost way more than management had planned for.
Last time in 2011 the magic number for eligibility was 60, i.e., at least 50 yo, then age + # of years of employment => 60. Any combination worked (e.g., 53 yo + 7 years at Cisco). To constrain eligibility, they just need to increase the magic number, e.g., 70 (i.e., at least 50 yo, and age + # of years =>70). Easy peasy
Interesting to contemplate. Compared to the last time it was offered in 2011, I presume there are many more eligible employees. I understand that in 2011, the package was 1 year severance, lump sum payment for 1 year of benefits, and 1 year continued vesting of RSUs. Something like that...
Not true. Yes, ER was voluntary, but people assumed that the LR following ER would be as generous as previous LR’s and held out. It wasn’t.
"Because, last time, the package was better than the ER."
Not true. The ER was voluntary last time. By default, it had to be and was abetter package than an involuntary LR
@1imp+16aMscMt HR monitors this site. You left too much incriminating info about yourself. Good luck on your ER strategy of "looting" Cisco. I will try out your ideas if I get the ER this year.
why wouldn't a vast majority of eligible people take it?
Because, last time, the package was better than the ER. So, they sort of played Russian roulette with the employees. Take ER or wait and see if you get LR later (and get better deal).
Many waited. And they did get LR’ed but the deal was significantly reduced esp for those with longer service.
Heads, company wins, tails employee loses.
I took the ER package back in 2011, then took a month off and took another role with Juniper. I quit Juniper in 2015 and hopped back onto the Cisco bandwagon. Now waiting to take the ER package again. If successful, I will be heading to Amazon for a 4 years gig then hop back to Cisco (if Cisco is still kicking alive) to catch the next ER package. As they say a fool and his money are soon parted. Go like a pro, roll like a pro.
"Is it a requirement that you actually stay retired after taking the package? If not, why wouldn't a vast majority of eligible people take it?"
No, you just can't return to Cisco. Even that might have a time limit that expires after a period (e.g., 2 years?).
Is it a requirement that you actually stay retired after taking the package? If not, why wouldn't a vast majority of eligible people take it?
I am 29 yrs old, I hope I get on the ER train too.
I hope you're a troll, or even a Cisco employee just trying to stir things up and not really that stupid.
I sure there were some young people who made hundreds of thousands or maybe a million from when Cisco IPO'ed and then peaked around $80 back in early 2000, but since that would make you 9 at the time, I don't think you'll be retiring anytime soon.
But, at age 29, you're the perfect sacrificial lamb to be LR'd along with the old folks to offset the average age of impacted people. Oh, sorry, Cisco doesn't age discriminate and LR old folks, they let "expensive" workers go. How they justify letting some young people go too in order to offset the average age sort of proves the lie about it being about cutting costs though.
It’s available.... but only if you’re an SVP. 2 year package.
It most likely won’t happen but it has happened twice before (that I know of) so who knows?
It seems to make more sense to do it now since CR said no layoffs during Covid, not to mention the negative press if Cisco were to LR people right now. An ER would not be perceived as negatively as an LR and Cisco would still be able to trim some headcount (which we all know they are itching to do this time every year).
I am 29 yrs old, I hope I get on the ER train too.
it will not happen
Nada.
Nunca.
Only way to know for sure is when the emails start hitting inboxes.
If it is pushed out, I’m curious about the qualification date. Looked like the 2011 ER offer was in the press on April 26th and included a qualification date for age + years of service through July 8th, roughly 10 weeks.
There are a lot of rumors about a new ER package in the next 2 weeks. Some are saying they heard it from VP's, but so far it's all second hand info.