I am working fir Cisco for 12 years. I have seen so many of these restructurings so far. I wonder if they consider to offer ER again like Microsoft is doing.
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The problem with the voluntary retirement exit option is that the really experienced people leave, especially in technical roles, and many end up working for competitors. Many org leaders would love to offer these options, but others fear them for the reason I just mentioned. Think about what happened the last time they offered one - you weren't eligible if you're in "this group" or "that group" or if your last review "exceeded expectations". It's a nightmare and they can never be consistent, so it's just easier not to offer them.
There's not technically such a thing as "volunteering" for an LR, but if you have a good relationship with your leader, you should absolutely let them know that you're ready for your next chapter in the near future and they may be able to include you. Just be ready to leave if you go this route because there's no going back. This is a slippery slope because there are only so many annual rewards dollars to go around and leaders may be inclined to send less of it your way if you've started having these discussions.
For a legacy networking company it's the right thing to do to model what Microsoft did. Pay homage to the people that kept the Titanic afloat for the last 20 years and let them have a graceful exit.
@pp that was his 10th house, for all you know !!
@d7 70 years old and still thinking of mortgage and rsu.. wellcome to the american dream
@gr Caveats to that: You have to be 55 or older, have at least 5 years with the company, and your exit cannot be "for cause".
I wish they would, but they probably won't.
@b7 -- With regard to the accelerated vesting of RSUs, this provision applies only to awards that have reached at least their one-year anniversary. Under the Rule of 70 (where age + years of service equals or exceeds 70), any qualifying unvested RSUs that are at least one year past the grant date will automatically vest upon separation. Any RSUs that have not yet reached the one-year mark at the time of separation are forfeited.
@ge Not usually, but I have seen it before with a manager who pulled a few strings as he was looking to retire anyways.
Does anyone know if Cisco lets people "volunteer" to be part of an LR? I'm looking at retiring soon, but would be willing to hang on a few more months if there's a possibility of getting a package on the way out. My thought is if I'm leaving regardless, it wouldn't hurt to ask -- just curious if anyone knows of anyone who has volunteered and the ask was successful.
Highly doubtful. Last time they did it they shelled out a year of salary PLUS comp for highly productive employees to work at Palo Alto and VMware the Monday after leaving Cisco. I think even our crazy ELT now get that that was stupid.
@fr It's not that easy to just punch out. Do your research before posting BS like this.
@d7 man, just retire and make room for the younger generation.
Never say never. Cisco has done three ERs, and every time someone said they wouldn’t do another one.
Speaking as a long time and older employee (a few months shy of 70) I would have thought that retirement might have been offered. But, no. As an earlier poster said, given the massive layoffs it's likely expensive. But glad that at least we get the accelerated RSU vesting. Hoping it will cover the mortgage for a few months ...
@b5 the logic would be for those who want ER to just leave and spare those who want to stay (but we’re going to be part of the LR)
I believe the last ER package was 2021 and the company said it would be the last.
Meta installed keyboard & mouse tracking software on their computers months ago to help train AI. Cisco probably did the same. You've unknowingly been training your replacements for many months. You're just an obsolete expendable cog in a digital meat grinder. Learn to weld or unclog a toilet.
Agree, easier just to LR them at this point. SO MANY.
Second ER cycler here. Doubt they would. It was sad to go; but a good payoff. Went back as red badge about 18 months after, and was amazed at how much the culture had changed in that length of time. Stayed six months, then left once MSA lost by contracting company. Have been asked a few times to interview for other red badge rolls, but value my sanity. Several friends there now begging to be LR'd; but for some reason they never are chosen.
I doubt they will. However, cisco addrd Early Retirement clause in the RSU grant policies starting in 2023. The clause allows 55 years old or older employees to fully vest their RSU at separation when age + years of service >= 70.
Never. Only reason is to allow older employees to leave. They have already been terminated with layoffs. What is your logic?