Cisco’s second layoff of 2024 affects thousands of employees
Cisco's second layoff in 2024 affects 5,600 employees, following a previous cut of 4,000. The company aims to enhance efficiency despite strong revenue, leading to declining employee morale.
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Cisco has announced its second round of layoffs in 2024, impacting approximately 5,600 employees, which represents a 7% reduction in its workforce. This follows an earlier layoff in February that affected around 4,000 employees. The company did not disclose the specific individuals affected until September 16, leading to employee dissatisfaction regarding the communication process. The layoffs also extend to Cisco's Talos Security unit, which focuses on threat intelligence and security research. Cisco stated that these layoffs are part of a strategy to invest in growth opportunities and enhance operational efficiencies, despite reporting nearly $54 billion in revenue for the fiscal year 2024, marking it as one of the company's strongest years. CEO Chuck Robbins received nearly $32 million in compensation in 2023, but it remains unclear if executive pay will be adjusted in light of the layoffs. Employees have described the work environment as increasingly toxic, raising concerns about company culture amidst the job cuts.
- Cisco's second layoff of 2024 affects about 5,600 employees.
- The layoffs follow a previous reduction of 4,000 employees earlier in the year.
- Cisco aims to improve efficiency and invest in growth despite strong financial performance.
- The layoffs also impact the Talos Security unit.
- Employee morale has reportedly declined, with claims of a toxic work environment.
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