USA: The time for tech layoffs is now. In light of the weak economy, Cisco now joins the list of businesses that have let go of staff members.
More than 4,000 employees, or 5% of the company's entire workforce, will be let go by the networking major. The company previously disclosed its intention to "rebalance" its business units by eliminating jobs.
Some of the biggest names in technology have downsized their workforces, including Amazon, Meta, Snap, Twitter and Microsoft. Cisco can now be added to the list.
Since last month we are expecting that Cisco will lay off employees. Restructuring or rebalancing is important for businesses to get through the difficult period ahead as the risk of recession is higher than ever.
Cisco has started laying off as part of its business restructuring. According to a company spokesperson, the restructuring will impact 5% of the company's workforce and its real estate portfolio.
On the layoff discussion board TheLayoff.com, several people have posted that they have received official notices that their jobs are being cut. More than 4,000 employees will be affected by the $600 million restructuring plan.
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Cisco CEO Chuck Robbins announced last month that the company would "right size" some of its business units. The company insisted that the layoffs are not part of a reduction in the workforce.
"This is not about reducing the workforce," said Cisco spokesman Robin Blum. "In fact, we will have almost the same number of employees at the end of this financial year as we started.
In Blind and on TheLayoff.com, Cisco employees were seen discussing layoffs. The company has not yet given any statement about the people affected by the job cuts.
Thousands of employees at the company's Research Triangle Park campus are among those receiving layoff notices. According to a post, support staff on campus have been informed that they will be laid off. Along with Indian workers, people from other countries are also affected.
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Cisco promised to support the employees in any way it can. Blum promised last month that "we will do everything possible to help place affected employees in these open roles."
"This decision was not made lightly, and we will do everything we can to support those affected," she continued. "This support will include generous severance packages, job placement services and other benefits wherever possible."