Anyone heard this? It sounds like major layoffs may be avoided, but pay packages impacted.
20 replies (most recent on top)
Why would they cut the pay of Blue badges and cause unrest when they can just easily terminate a bunch of Red badges?
I heard ER but not LR.
Why do you peanut brains feel the need to write something?
Most of you can barely write, and are dumb as rocks, so why make it obvious?
Read and quietly move on...
I’m a VP and there is an LR list ready in my dept waiting to be implemented on Aug 12th or shortly thereafter. Not pretty. Each VP was asked to submit a headcount of potential people to be LR'ed but HR and SVPs will make the final call then notify the VPs a few days before targets are given the bad news.
I’m a manager and there has not been any LR related list making in our group/geo. This would be news to me.
Exactly, no bonus and ER makes sense.
However, I’m hearing the lists are already done.
So really NO ONE on this forum is thinking common sense? come on guys... 10% pay cut (or any other percentage)? Ain't going to happen. It is illegal in practically everywhere except the US. LR? ain't going to happen because Chuck shot himself in the foot when announcing that no one would be fired during the pandemic, and was criticizing other companies for doing this (so it would be really dumb to announce an LR now). So there are only 2 things left. Decrease the bonus payout, and/or ER option for the people older than 50 (with some exclusions). So mark my words. it will be either one of these two (or both)!
the message it would send by cutting the US wages and not cutting everyone else's will probably prevent it from happening.
That’s why I said it’s not going to happen.
Not going to happen. It’s illegal in many countries.
Since when did something being illegal in other countries stop Cisco from doing something? Apparently they can't force people to take time off on specific days in non-US or Canadian countries, so they make it mandatory in the US and Canada and "highly encourage" the rest to take the same number of days off in the same quarter as the US/Canada forced PTO.
Unfortunately, cutting employees and/or contractors bill rates IS legal in the US. Thankfully, the message it would send by cutting the US wages and not cutting everyone else's will probably prevent it from happening.
Other companies have been doing paycuts without an issue. Thinking a paycut + ER might be a good play to balance it out.
I believe Chuck has shot down the early retirement option as a general principle.
They paid 25% already to grade 12 and less. Just cancel the rest and give RSU to all13+ sounds like a plan. G12 didn’t get any RSU yet this year. G11 did already.
It seems like the easy thing to do is 0% bonus and then just give a large RSU batch to the ELT so they come out even. If they do this without layoffs, then the speech will be about needing to share the pain to help your fellow co-worker.
Anyone on P&LI should be concerned for FY21.
For sales, expect a six-month goal sheet and then a re-goal at the end of the first half.
Don’t give bonuses but stop layoff
Not going to happen. It’s illegal in many countries.
The bonus though, that’s a very relevant question.
Cisco profits are used to buy back Stocks, reward share holders with dividends.
They should invest their profits in employees, not reward the shareholders. This is nothing but money distribution in modern capitalism.
Executives give up their million dollar bonuses = no layoffs, no giving up pay, no unhappy employees but will never happen
I agree probably not a pay cut but maybe reduced bonuses
Can't see it.
1) Pay Reduction - huge PR hit
2) Limited Restructure - huge PR hit
3) Early Retirement - positive PR
10% pay decrease equals 100% dissatisfied employees
10% layoff equals 90% satisfied employees
15% Early Retirement equals 90% satisfied (15% ER, 75% unaffected and 10% malcontents that didn't qualify)