Digital Desk: The tech sector is currently having a difficult time. In the past several months, large tech companies like Meta, Amazon, and Twitter have let go of thousands of workers. The leading networking company Cisco has joined the group of tech firms. According to the most recent sources, the corporation has begun terminating 5% of its employees.
Last month, there were rumours that Cisco was thinking about terminating workers. Over 4000 employees, or 5% of the workforce, are alleged to have been let go by the networking company. According to some, the layoffs are a necessary part of the "rightsizing some firms" and "rebalancing" process.
As per report, Cisco hasn’t directly commented on the layoffs but said in an official statement that it “didn't take this decision lightly” and “will offer those impacted extensive support, including generous severance packages".
Chuck Robbins, chairman and CEO of Cisco, was featured in the article. He declined to provide specifics regarding layoffs but stated he would "Be hesitant to get into great depth until we can speak with them. What we're doing, in my opinion, is rightsizing some businesses ". In addition, Robbins told investors, "You can simply assume that we're going to - we're not actually - there's nothing that's a lesser priority, but we are rightsizing certain businesses.
According to the Silicon Valley Business Journal, affected Cisco employees took to TheLayoff.com and the Blind portal to discuss job cuts at the company. "Impact of Cisco layoffs!" exclaimed one Cisco employee. "I am seeking immediate (software engineering) referrals." Any assistance would be greatly appreciated. "Thank you," said another affected employee. Many other employees inquired about the severance pay. The company has not released any official information about the situation.
Twitter, Meta, and Amazon recently laid off thousands of employees. According to some reports, Google will begin mass layoffs very soon. The tech titan is currently said to be evaluating employee performance and merging teams in order to avoid unnecessary layoffs. In the last few months, Twitter has laid off nearly 5000 employees worldwide, leaving only 20 or so employees in India. In contrast, Meta laid off 11000 employees as part of cost-cutting measures. CEO Mark Zuckerberg accepted complete responsibility for the layoffs.
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