Anyone think Cisco will ever offer the Early Retirement option again??
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Severance is a legal obligation, dependent on you jurisdiction. However, Cisco usually pays much more than the legal minimum in return for you signing away certain rights.
There’s nothing stopping them reducing the enhanced package, indeed that has been the case. If you compare a 2024 package with one from, say, 2016, you’ll see the 2024 package is considerably worse, especially in the ‘time served’ element. I believe that has halved.
No. I believe the last ER program cost Cisco significantly more than a simple LR program. One example: a colleague had already announced his planned retirement date. When the ER was announced he was about six months from that date. He applied for, and got, ER. Because of the length of his service, and the structure of the deal, he left six months early but received roughly two years pay. It would have been far cheaper for Cisco to just run down the clock and continue paying him for that last six months.
It would disintegrate years of tribal knowledge acquired over the course a long careers in a matter of weeks.
I've had to consult the tribal elders many times and not a one of them ever knew why something goofy was done and they only offered wildly incorrect advise about how to fix it. If you are building systems with tens of millions of lines of incredibly bad code developed by teams around the world spanning decades and you need to rely on a game of telephone to try to maintain it you've failed in every possible way.
Not a chance. Benefits will tell you point blank it's 401k and insurance availability, nothing else. Don't go work at csco if you want a great retirement plan. The insurance isn't anything special at this point either other than over priced.
Do you realize how many people would take it? It would disintegrate years of tribal knowledge acquired over the course a long careers in a matter of weeks.
Tomorrow. They told me come back and ask tomorrow...
what was the early retirement package offered previously?
I took it in 2011 then came back in 2013. Took the 2021 again then came back as a red badge in 2023. If they offered it before I convert to blue, I will just stick around.
ER coming back in 2031
I think when it was offered it in 2011 the company said it would be the last time but then it was offered again in 2021. Never say never.
It was an insane deal. Didn't have to ask twice. Insane many turned it down.
It's still offered
They figured out the first time that the best people already had leads and were fully employed the Monday after their final day at Cisco. Then they forgot and tried it again and discovered the same thing. I think I read here they did it one more time.
Handing your best people to competitors who are also taking market share from you is on the far side of stupid so I wouldn't completely rule it out.
They removed PTO what is stopping them to remove severance?
No, the pennies it costs are too much for the ELT to swallow. They might ghasp have to drink "cheap" coffee for a day.