Any rumors on a new Cisco early retirement package ?
12 replies (most recent on top)
There will be no Early Retirement (ER) package. Only Limited Restructuring (LR) 'Pink Slips'. The ER ship has sailed and will never sail again. Unless you are one of the blessed 'Leadership Team', you should expect a boilerplate separation notice.
The separation time is generous and they know that (30-60 days). Use that time to look for another gig using the company's laptop, www connection, coffee, phones, copier, etc. Think of it as extra PTO if ya find something quickly.
It is 2016, and this is the corporate world of today. We are all replaceable commodities. Accept it, embrace it, understand the rules and move forward. Wallowing in it only let's them win. Don't do it.
Roughly 1200 people took ER when offered in 2011. There were just over 2,500 employees eligible at the time.
If Crisco offers another ER, they have to raise the age+experience bar a bit, or too many people are eligible. They want some people to leave, but not all of them. They also will make the package less lucrative, I would guess, if it is even offered.
Directors and above had to have "the list" for the LR to HR two weeks ago, I believe. I don't know the scope in terms of "how many" layoffs, but my guess is that the LR will be announced either on or shortly after the earnings call.
There is a lot of dead weight in SJ and in the enterprise sales organization across the globe. The combination of GET+enterprise means a lot of redundant management and overlay positions.
Regarding the ER: before we get to wound up, this is ALL Speculation based on a 'post on Reese blog', so take it with a Huge grain of salt! We know there is definitely an LR in the works - BUT does anyone out there have any more concrete evidence of a pending ER?
The ER that was done last time was age 50 or older with at least 10 years in as magic number was 60 NOT 65. So 50 with 10 years, 51 with 9 years etc.
They're saying 65 now? That's total BS.
It was amazing how much great talent and know-how walked out the door with fat packages in '09 and '11. Every of good senior engineer and product manager that I knew landed jobs before the ER kicked in, took a couple of weeks off, and hit the ground running to JNPR, FIRE, GOOG, etc
It was absolutely one of the dumbest moves I've ever seen a company make in terms of losing culture, lore, knowledge, and talent. I've always assumed this we an effort to lower the company "age" profile with the mistaken belief that more "innovation" would come from younger talent. It could not gave been for cutting out high cost employee's as most senior talent had been "capped and trapped" for years with no raises or promotions.
What rubbish....
If they truly believed it bring innovation, they would not have line the pockets of MPLS (where some of the folks who took ER's went, and come back.)
What do You mean by "What do you mean by GHETTO environment? Lok"
What do you mean by GHETTO environment? Lok
who cares, just take whatever they offer and run out of the toxic GHETTO environment. No other company has this GHETTO environment. You have your health, life and family with you; make the most out of it and live happily - away from these guys.
The post on Reese blog is the following: ER and LR coming (again) in August. I heard the target was 5,200 peeps. ER will be offered to employees over age 50, whose age + tenure must equal 65. It is 75% of TTC for one year, plus benefits. No word on whether or not RSUs will continue to vest.
Love to know if there's any truth to it.
Had them in '09 and '11. That's 5 years now. They said, never again, but we reserve the right. Mgmt was sour on the idea last year. But again, they reserve the right.
If you want details on the latest rumor, look at the Reese blog from 6/1/15. Someone posted something there recently with interesting details. Is it a troll or an insider? Who knows.
Will say if they are laying off big (instead of the handfuls every few months), they'll have to pass legal. It won't be easy if they don't offer an ER since an ER is an easy way to say adios legally. Bubble hiring in 98-01 is now coming to roost. Previous ERs missed this group.
It really comes down to if they want to do a huge layoff or not. Right now, nobody knows.
That happened last in 2012 or 2013. Never happening again.
Rumor was HR was a little surprised with the number of people who took the offer and regretted offerring it.