Bad news. Big LR eminent. ER on the table too to get rid of high earners.
More coming....
23 replies (most recent on top)
LR+ER = LERR
They've been promoted to leadership positions and give orders, not fight in person.
Your lack of logic is amazing. Well, you have logic, but it just proves my point.
The people who were running around the forest with rifles, they retire because they outnumber the senior NCO and officers by a wide margin, and there’s too many of them to make them all admirals. Plus, beyond lugging c-ap around mountains, they have little other useful skills. Much like 97% of sports people. Hit 40, body is knackered, so move on.
Now you talk about all these other people who continue to contribute at a high level. Which is true, but two differences: 1) they didn’t normally start as a grunt and 2) they aren’t retired!
Just because aN underground coal miner retires early owing to the punishing job (less so these days), doesn’t mean a mining engineer in Glencore HQ does as well.
There’s a reason they call it retirement. It’s not meant for 40 year olds. It’s for people close to retirement to push them over the edge. Is it fair? Probably not, nothing is. The other option is LR.
So why does the military allow service members to "retire" after 20 years? Government employees also "retire" after 20 years. In the days where companies actually had retirement plans instead of 401(k)'s, you were eligible for retirement benefits after 20 years.
I think after you've given a company 20 years, regardless of age, you should be eligible for an early retirement instead of getting a lesser LR package.
Having just missed the bar for ER in 2011, I hope they don’t move the goalposts so much that I miss it again.
I hate that they stick a minimum age on the ER. For those who've been there for 15 - 20 years
There’s a reason they call it retirement. It’s not meant for 40 year olds. It’s for people close to retirement to push them over the edge. Is it fair? Probably not, nothing is. The other option is LR.
is there anyone left 50 plus 15
I work with 4 people, and know another 10 - 15 people who have 15+ years of service. Many of them are 45 or older, probably closer to 50. They all started at Cisco early in career, if not right out of college. They all have employee ID numbers between 12,000 - 15,000. Maybe a couple whose employee number are in the 30K range. I don't think any of them are 55 yet, but they're really close to 50.
I hate that they stick a minimum age on the ER. For those who've been there for 15 - 20 years, but are too young to get the better ER package and then get forced into the LR with a lesser package when they would have taken the ER package voluntarily is pretty sh–ty. When I was let go back in '11, there was a young guy who was very upset because he'd been with the company since graduation and had 19 years, but was too young for the ER and his "new" boss happened to be an old guy who had just over 5 years with Cisco and took the ER package. Why does an old guy who hasn't been with the company deserve double the LR package that a guy who's given his entire career and adult life to Cisco for 19 years?
The ER should be open to anyone with 15+ years regardless of age. If you've got less than 15 years, then do the age + service = 60.
CEO makes way more than V2biatch when stock options and performance numbers are factored in
I worked for 20 years at cisco, is there anyone left 50 plus 15, I doubt it, i can only think of one person in ballpark, everyone else was managed out, given pip, or LR, smart ones took first ER and then went to get a good job. Ill still collect my dividends on the thousands of shares given in RSU, pays for family vacations and cars. good luck ,youre gonna need it
ER will be in the order of 50+15
Looks like there will be ER & LR each Q till covid19 is totally eliminated.
$300k each? Are you mad?
CPF 0.72
What is the target age + experience? Must be 75 to only get 2000-3000 folks.
I qualify for the 60 + 10 = 70 (age+emp yrs) target group. If I get 400k, I will happily leave to enjoy life. I am an empty nester with mortgage paid off and no other debt.
$900m for Q1 to payoff people to leave. Assuming each head gets an average of $300k, that means 3,000 folks will depart.
CPF=0.72
Infrastructure Platforms (aka routing/switching) down a whopping 16%
Kelly Cramer, our CFO, is leaving. Chuck, when are you gonna leave?
what is the company performance factor?
In the first quarter of fiscal 2021, we initiated a restructuring plan, which includes a voluntary early retirement program, in order to realign the organization and
enable further investment in key priority areas with estimated pretax charges of approximately $900 million consisting of severance and other one-time termination
benefits, and other costs. We expect to recognize approximately $800 million of these charges in the first quarter of fiscal 2021 with the remaining amount to be
recognized during the rest of the fiscal year.
Finally, there will an ER.
Not announced yet. 4 minutes...
$900m in restructuring charges. Begins Q1 FY2021.
So does that mean LR+ER will be 10%? Well, it's better than the gloom and doom prediction of 20%.