So we beat analysts estimates, we do better than expected overall and this is how employees get rewarded? Fifteen percent of our bonus slashed, and HR recommends IPF 1 for most people. What a fooking joke.
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Unlike other companies Cisco's CPF (company performance factor) is calculated based on results against own decided target. These targets are set pretty high. As a result missing forecasted target results in low CPF and affects employees. This way of calculating CPF should be changed. Instead it should be based only on the results and margins like all other companies.
Motivates me to do less bug fixing, MTUs, etc and play more. Work life balance about to get better for me.
It's a scam. A portion of what is actually your salary is held back and then returned to as a "bonus". Just like a water spigot it allows Cisco to turn up or turn down operating expenses to hedge against inflation.
Isn't this the job freedom you wanted all along? Just be thankful that the ELT has able to provide another cushy woke year of work-from-home webex existence. Now bow.
My IP is 19.19.19.19
chuck@ceo.cisco.com$ ping 19.19.19.19
PING 19.19.19.19 (19.19.19.19) 56(84) bytes of data.
^C
- 19.19.19.19 ping statistics ---
3 packets transmitted, 0 received, 100% packet loss, time 2045ms
You are offline! We get you next time!
Ok. We get more money but not much raise. I am still going to hide and not going to work and harder other than look for another job. Easy hiding places.
CSCO: Cisco to raise costs by $1B over next 12 months to stave off employees leaving: report..
$0.8B for the ELT and $0.2B for the rest of us?
CSCO: Cisco to raise costs by $1B over next 12 months to stave off employees leaving: report..
I think I know the OP here…
“Fooling Joke” is a fairly common phrase this person types in teams…
I think I'm gonna be sick next time I see Fran's face on Check-in trying to massage us into believing the bonus cut was crucial to the good health of the company. This ELT is nothing but a gang of shameless crooks.
If you joined in Q1, Q2, or Q3 you are eligible for a prorated bonus.
I've got to find where I had seen it, or if I was just told by the recruiter during the interview process last year, that people who joined after Nov 1, 2021 were not eligible for the mid-year bonus payout, but are eligible for the year-end bonus.
I joined the following week, so I missed out on the mid-year, but somewhere I thought if you joined in Q1 or Q2, you were eligible for the year-end bonus. I thought I had made the cutoff to be eligible for 100%, but now I can't find anywhere where they document the dates that they prorate it from 100% to 75% to 50% to none at all.
We missed the plan. Plain and simple.
The bonus calculation is your target bonus percentage * the company's performance factor (CPF) percentage * your individual performance factor (IPF) percentage * your base salary.
base_pay * target_bonus * CPF * IPF = bonus
$100K * 7% * 1.0 * 1.0 = $7K bonus
$100K * 7% * 0.84 * 1.0 = $5,880 bonus
Since you're trying to join in Sept, you fall under the new bonus rules, so instead of a 12% target bonus, you're getting a 7% target bonus, for example. All the pay grades took a 5% bonus cut starting this year, and they're moving that 5% into your base pay, so you get to take home more money every payday, but your bonus is smaller at the end of the year.
If the company has a 1.0 performance factor, and you do the bare minimum and have a 1.0 performance factor, then your total compensation comes out the same. If you, or the company, have a performance factor less than 1.0, you came out ahead. But the company is gambling that, moving forward, they're going to have 1.0 or better company performance factors, and your individual performance factor will be 1.0 or slightly better, means that they pay you less bonus at the year end and you lose out on total compensation by 5%.
Oh, and if the numbers look good during Q2, they'll usually pay out a mid-year bonus based on a 1.0 CPF and a 1.0 IPF and give you 50% of your total bonus. Then at year end, they calculate your actual total bonus, and subtract the mid-year bonus amount you've already been paid, so the year-end half can end up smaller than the mid-year half.
Welcome to Cisco, where IPFs are a number's game and your manager has to figure out how to split his bucket of bonus money between the team. Rarely does everyone get a 1.0 IPF because the bucket doesn't equal the amount needed to give everyone a 1.0 IPF and pay their bonus. For the hard workers to get a 1.4 or 1.5 IPF, someone , or multiple people, have to get a .8 or .75 IPF. If you're in that boat, get the he-l out, because managers rarely shift that below 1.0 IPF around to others to allow everyone to get a full bonus 3 or 4 times out of 5.
Look at the filings. You really think we magically beat EPS by a single cent? This was done by fudging numbers due to stock buybacks/sales and “costs from Russia Ukraine war”
If you look deeper they essentially try to insinuate that the cutting of opex in Russia is more than the revenue. Cause Cisco was operating in Russia at a loss, for charity. Right.
Managed decline folks, managed decline while ELT is getting big fat checks off our backs. It’s time to oust them!
There should be a labor union. Cisco is already incompetent & dysfunctional... at least employees would be compensated fairly.
Look it up on seeking alpha
Did we really do better than expected? How much of an increase was due to price increases vs increase in sales volume?
HR recommending an IPF of 1: Is that new? I have never had that low an ipf, and assumed if you are getting a 1 or less you are on the way out the door.
Stop talking about it. You know you are not going to be treated fairly so take some action and find a new gig.
The definition of insanity is doing the same thing over and over but expecting a different result.
Take back your life, your worth, and your sanity and jump off that ship.
Curious where this info came from?
The most insulting part is they bought back $7.7 billion in stocks... They rewarded the shareholders for our hard work...
to the person who is joining in sepetember , you wont get any bonus lol. this is for people who are here for more than a quarter
Bonus will be 16% lower than promised.
Excuse me, noob here trying to join Cisco in September. Let's say Cisco offered me a salary of $100,000 per year, what would be my bonus with this 0.84 factor you guys are talking about?
Yep. I'm leaving. Had enough.