RESEARCH TRIANGLE PARK – Ever since Cisco announced $1 billion in cost cuts, employees have been speculating that a massive round of layoffs would kick off around October 7.
Well, that day arrives tomorrow and still employees remain in the dark. The company operates one of its largest corporate campuses in RTP with several thousand employees. It remains unclear how this workforce will be affected.
However, there are a few ominous signs.
My manager just scheduled a 1:1 on Wednesday, in the evening, which feels a bit scary considering that layoffs are expected to be announced on Wednesday,” wrote one contributor on Blind, an anonymous workplace chat app on August 5.
“Are others getting 1:1 invites for Wednesday as well?”
The employee received ten responses, but no other contributor confirmed layoffs or similar one-on-one meetings.
On a similar message board called TheLayoff.com, another presumed employee reached out into the ether for some answers on the same day.
“So October 7th is the date of the LR [late retirement]?”
“YES ! They are strictly instructed not to leak the news,” another rewponded. “5th all ER [early retirement] acceptance followed by 7th LR
“If your manager himself at risk then might be surprise him on Wednesday since this time axe is on the mgmt (sic).”
And still, another offered a different take: “Heard they are keeping list at Director level this time. First line managers do not know.”
A Cisco spokesperson was unavailable to comment when WRAL TechWire contacted them on Tuesday afternoon.
On Aug. 12, CEO Chuck Robbins – now in that job for five years — confirmed in an earnings call that the company is planning cut $1 billion in expenses this quarter after forecasting a revenue drop.
At the time, a Cisco spokesperson confirmed the restructuring plan in an email.
“Over the coming weeks and months, Cisco will increase our investments in key business areas that will drive customer satisfaction and partner profitability going forward and reduce investments in others. We will be restructuring parts of our business as a result,” she wrote.
“Our employees are our priority and we are committed to providing our full support to those transitioning to new roles or teams within Cisco or leaving the company. Where possible, we will offer employees options that enable them to make decisions that best suit their career goals and personal circumstances.”