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TechCrunch reports that employees of the tech giant Cisco will not know for a month if they have been affected by its second round layoffs in this year.
Reuters reported earlier this month that Cisco planned to lay off a second batch of workers this year after laid off around 4,000 in Feb. Cisco confirmed last Friday through a SEC filing, that it will be cutting 7% of the workforce.
Cisco employees claim that although the company has informed employees of a new round in job cuts, it has not told affected employees until September 16.
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“This is the most toxic work environment I’ve worked in and the mood, as evidenced by the comments on internal platforms, is the darkest I’ve seen it.” I’m waiting for my next big [Restricted stock unit] vest before I leave, and I’m sure others are as well,” a Cisco worker, who asked not to be identified to avoid retaliation told TechCrunch. “Two layoffs this large in the same calendar is beyond the pale.”
Another employee, who asked to remain anonymous as well, said Cisco should “stop layoffs every single year and focus on innovation and generating more revenue.”
Cisco did not respond when asked for a comment.
The San Jose-based company announced a second round of layoffs after reporting lower than expected earnings for the year. Its net income for the quarter was down by 45% compared to the previous year. The company’s fourth-quarter revenue was down 10%, to $13.6 billion.
Cisco’s CEO, Chuck Robbins, said that the company had a “strong finish to fiscal 2024”. According to the company’s 2023 filings, Robbins received a total of $31.8 million as executive compensation.
