Cisco Employees Await Layoff News
- Cisco employees are waiting to hear if they will be impacted by the upcoming layoffs.
- Tech giant Cisco is preparing for its second round of job cuts in 2024.
- Employees express uncertainty and anxiety about their future at the company.
Tech giant Cisco has confirmed plans for a second round of layoffs this year, affecting approximately 7% of its workforce. This announcement follows the company's earlier decision to cut around 4,000 jobs in February. Employees have expressed frustration and anxiety, as they will not learn if they are impacted by the layoffs until September 16, leaving many in a state of uncertainty for nearly a month. Reports from employees indicate a deteriorating work environment, with one anonymous worker describing it as the "most toxic" they have ever experienced. The sentiment among staff is bleak, with many contemplating leaving the company once their Restricted Stock Units vest. Another employee criticized the frequency of layoffs, urging Cisco to focus on innovation and revenue generation instead of annual job cuts. The layoffs come in the wake of disappointing financial results for Cisco, which reported a 45% decline in net income compared to the previous year and a 10% drop in revenue, totaling approximately $13.6 billion for the fourth quarter. Despite these challenges, CEO Chuck Robbins claimed the company had a "strong close to fiscal 2024." Notably, Robbins received a total executive compensation of $31.8 million in 2023, raising questions about the disparity between executive pay and employee job security. Cisco has not responded to requests for comment regarding the layoffs or employee concerns.