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6,500 employees ... 15% to come from the vice president level and above ... up to $1.3 billion in severance expenses ... Wow. If I'm not mistaken, that's $195
by georgieporgie 15y ago
6,500 employees ... 15% to come from the vice president level and above ... up to $1.3 billion in severance expenses ...
Wow. If I'm not mistaken, that's $195 million split up among an unknown number of VPs (let's say, what, 50 of them?), leaving around $171k per remaining employee.
Either those are very, very nice severance packages, or there is some tremendous overhead that I don't understand.
- zxwind 15y agoI think 15% means the number of employees to lay off, not the ratio of severance expense.
- georgieporgie 15y agoYou're right. Not sure what I was thinking. Anyway, it still sounds like Cisco has ridiculously good severance packages!
- lrm242 15y agoCisco is known to provider 6+ months of severance along with health benefits and other perks to employees that it lays off. If you ever have to pick a company to get canned from, Cisco is a good choice. Anecdote: I know quite a few engineers who were laid off as part of a product reorganization (read: engineering for this product moved to India). At a minimum everyone received 6 months. On the high end, if you were asked to stay and help in the transition, you received 6-9 months plus 1.5x salary during the transition, which lasted approximately 4-6 months if I recall.