Cisco’s decision to lay off employees would essentially result in the company trimming about 5 per cent of the workforce and impacting about 4,000 jobs.
Tech layoffs this season, have been nothing short of a shock for many. After Meta, Twitter, Amazon and few other companies sacked their employees, Cisco has now reportedly joined this list. As per latest updates, Cisco layoffs are now also a thing as the company is reportedly planning to axe over 4,000 jobs, while it has almost 83,000 employees.
As per a report in the Silicon Valley Business Journal, Cisco’s decision to lay off employees would essentially result in the company trimming about 5 per cent of the workforce. The report adds that the company has decided to take this step in a ‘rebalancing’ act while ‘rightsizing certain businesses.’
The report adds that Chuck Robbins, the Chairman and CEO of Cisco “did not divulge any detail on laying off employees, saying he would be reluctant to go into a lot of detail here until we’re able to talk to them. I would say that what we’re doing is rightsizing certain businesses.”
The report further quotes the Chairman and CEO as saying, “You can just assume that we’re going to—we’re not actually—there’s nothing that’s a lower priority, but we are rightsizing certain businesses.”
While Cisco layoffs’ updates are yet to receive an official confirmation from the company, several media reports have already quoted sources and confirmed the move. The company’s decision to sack employees comes at a time when the entire tech industry has either frozen their hiring or cutting jobs in an effort to minimise losses. Apart from Meta, Twitter and Amazon, even Disney and Cognizant are some other big companies that have reportedly come under the scanner for cutting jobs.