Cisco issues pink slips to over 4,000 employees: report
Cisco Systems Inc. has joined the list of companies that are firing their employees to cut costs. The company has reportedly kicked out nearly 4000 employees as part of the mass lay-off it announced last month.
On Monday, the employees were seen discussing new jobs, severance packages and tips on sites like TheLayoff.com and Blind. The company has notified them that they are being let go, the posts said.
A report in the Silicon Valley Business Journal read that the organisation took this step for a 'rebalancing' act while 'rightsizing certain businesses.'
In an exclusive conversation with People Matters, the company's spokesperson said, "We had a strong first quarter, and to capture the opportunities ahead, we continuously evaluate our business priorities to ensure we are investing for future growth and unlocking new opportunities while remaining financially disciplined."
"Along with our earnings results in November, we announced a rebalancing of investments including a limited business restructuring impacting our real estate portfolio and approximately 5% of our workforce starting in December. This is not about cost savings - in fact, we'll have roughly the same number of employees at the end of this fiscal year as we had when we started, and we will do everything we can to help place affected employees in other open roles. We didn't take this decision lightly, and we will offer that impacted extensive support, including generous severance packages," added Cisco's spokesperson.
Top tech companies like Meta, Amazon, Twitter, Lenovo, Salesforce, and Adobe have already laid-off thousands of employees.