Does anyone have info as to what the current layoff package is at Cisco? I have a few friends who came over from Splunk and are wondering as layoffs were not really a thing at Splunk.
24 replies (most recent on top)
Yes
To the earlier question, will the 15 weeks for 22 years of service be over & above the 2 months Payroll+Benefits (1 month as an employee, 1 month paid lump sum in lieu of notice) and 4 month severance payout? Thx
Cisco is asking splunkers to sign a new agreement as part of the transition. This agreement will be available Monday 8/19 and needs to be signed by 8/28. Given that RSUs and bonus are paid on 9/10 and 9/13 respectively and given that Splunk’s GM announced this week that splunkers that will be part of layoff will be notified sometime between august and September is it possible the new agreement prevents unvested RSUs due in 9/10/2024 from being paid? In other words, if Cisco needs to provide a 60 day notice, is the RSU vest date of 9/10/2024 safe and be paid in addition to regular package Cisco uses as severance?
@2grw+1tZw8wsV, thank u.
Is this additional severance payout for US only or globally?
Thx
Will the 14 weeks be over & above the 2 months Payroll+Benefits (1 month as an employee, 1 month paid lump sum in lieu of notice) and 4 month severance payout?
@2kik+1tZw8wsV, no.
For 22 yrs, the calculation is thus:
Yrs 1-9: No additional years of service.
Yrs 10-20: 1 week of severance per year: 11 yrs inclusive, so 11 yrs * 1 week = 11 weeks
Yrs 20+: 2 weeks of severance per year: 21 & 22 yrs, so 2 years of service * 2 weeks = 4 weeks.
Total additional severance is 15 weeks.
On the following points:
** 10-20 years service: extra 1 week per year if you sign agreement
** 20+ years service: extra 2 weeks per year if you sign agreement
For employee with 22 years service, does it mean 22x2 weeks ie. 44 weeks?
if i am LR’d this week/month, . will that Bonus be paid out fully?
Whatever your bonus is supposed to be, it will be paid out fully.
The better question is: What will Cisco's CPF be? And will it be high enough to allow for any portion of the year-end bonus to be allotted?
Assuming, and this is a HUGE assumption, really bigly assumption, that Cisco has a CPF that meets our revised numbers, and the board/ELT decide to give out any bonus, will we get the other 50% of the mid-year bonus? And will we get anything above 50% bonus, because just giving us the other half of the mid-year bonus only equates to a total year bonus of 50% of our target bonus rate.
We'll find out after the earnings call on Wed. Watch it like the rest of us. No one here knows anything at this point.
Then you have to factor in the fact that you're being LR'd (to answer your original question). Will your manager set your IPF to a fair number and give you part of what little bonus money is in his/her bucket to divvy out amongst their team or will they set your IPF such that your mid-year bonus equals your total year bonus so you get nothing at year end and use that little bit of extra money to give to someone that's being kept around for another 6 to 12 months?
I've seen posts here where people say they got a 0.5 or 50% IPF or some such # and they got no bonus when getting LR'd. I've seen co-workers paystub that showed they got their full year-end bonus (in a year where we all got 100% of the mid-year bonus) because they got a 1.0 or 100% IPF or even slightly higher. I think that's pretty rare to happen, but I have seen it.
If you're LR'd, I'd count my blessings that you got a 25% (50% of the mid-year) bonus and call it a day.
i am in sales… Visibility currently showing Sep 2024 Bonus payout amount … if i am LR’d this week/month, . will that Bonus be paid out fully ?
I think that there is a lot of wishful thinking in this thread
You won't see more than two salaries.
One is to cover the notice period
The other one is to bribe you not to hire a lawyer and sue them
Read the post. Here it is with bullet points. The 4 months is separate, and dependent upon you signing the waiver giving up your rights to sue Cisco for any reason.
- 2 months Payroll+Benefits (1 month as an employee, 1 month paid lump sum in lieu of notice)
- PTO balance payout
- 4 months severance payout if you sign agreement
** 10-20 years service: extra 1 week per year if you sign agreement
** 20+ years service: extra 2 weeks per year if you sign agreement
- about 2 month of Cobra medical in a lump sum if you sign agreement
- for Sales folks, 80% of TTC payout in severance, commission payouts halted
- Unvested RSUs lost, but there is some acceleration of vesting (basically anything that would have vested in the 2 mo notice, and 4 additional months if you sign the agreement)
Is it 2 + 4 months or 2 + 2 months?
Also, worth noting, the severance payout is taxed like a bonus. I think I had roughly 20% taken out of my Feb payout, so mentally prepare for that.
@vrg+1tZw8wsV so it is 2 months pay plus 4 months of severance (so total 6 months of pay) or is the 2 months of pay included in the 4 months of severance?
@vrg+1tZw8wsV 's post is, and has been, the normal package for a long time. There were some changes during the pandemic when people were let go at that time, but that's the usual package.
The 2 months payroll + benefits is required because Cisco files their WARN requirements the day they tell us rather than the 60-days prior as required. The balance of your PTO is paid out, which is also required.
The only thing I didn't see mentioned was the job placement assistance from Lee Hecht Harrison (LHH), later replaced w/ Randstadt's program. I'm not sure what it's called, but it's also a WARN requirement.
The 4 months of severance, the grossed up COBRA payments, and additional weeks of severance based on years of service are all dependent upon you signing the agreement not to sue, which is Cisco's way of bribing you by being pretty generous w/ the package. I've been at places that simply paid out 2 weeks plus a week for every year of service period. No COBRA, no job placement assistance, etc.
Feb 2024 Package:
2 months Payroll+Benefits (no work, keep laptop to sign agreement in 60 days):
4 months severance payout
10-20 years service: extra 1 week per year
20+ years service: extra 2 weeks per year
PTO balance payout
about 2 month of Cobra medical in a lump sum
(for Sales folks, 80% of TTC payout in severance, commission payouts halted)
(unvrested RSUs lost)
(ESPP balance refunded)
Smaller packages than previous LR's
I was told no more packages and no more years of service. Your mileage may vary.
I would assume that anyone also in a non-medical related Leave of Absence (LoA), even though that LoA is un-paid, is also susceptible to the LR? Thoughts?
Well Splunk is supposed to be receiving a $2k "Welcome Bonus" so lets hope that is the carrot to get them to not immediately jump ship after an LR
You'd need for fish for that info - some of the threads below may be useful. @OP+1tVpTr2C has 40+ replies...
I hope this helps...
Splunk staff also getting LR?
https://www.thelayoff.com/t/1tYhtP9w
@OP+1tYhtP9w
Splunk & AppD
https://www.thelayoff.com/t/1tYjYaPW
@OP+1tYjYaPW
Who's on the chopping block
https://www.thelayoff.com/t/1tYTQT2p
@OP+1tYTQT2p
BREAKING NEWS-Exclusive: Cisco to lay off thousands more in second job cut this year, sources say
https://www.thelayoff.com/t/1tVpTr2C
@OP+1tVpTr2C
Cisco August 2024 Layoff Details - comments here - LR starts Aug 15
https://www.thelayoff.com/t/1tWWhygl
@OP+1tWWhygl
Cisco Aug LayOff - Which groups to be impacted. Any idea?
https://www.thelayoff.com/t/1tWt312D
@OP+1tWt312D
Cisco annual layoffs = hunger games
For IC's, it's likely a 3-4 month severance package. They will provide you some money for COBRA coverage for that period.
For management, they will receive larger packages, typically around 6 months or more.
Tell them “Welcome to Cisco”, where they graciously and consistently hand out not just one but two layoffs a year!