Cisco has confirmed that the layoffs are part of its previously announced 4,100 job cuts, reports Computerworld. “These recent notifications are part of a rebalancing effort planned for November 2022, which includes a limited restructuring affecting our real estate portfolio and approximately 5% of our workforce,” a Cisco spokesperson told Computerworld.
A company spokesperson assured that they are committed to doing everything possible to help the affected employees find new opportunities within the organization. They will provide comprehensive support, including offering generous severance packages to those affected.
Cisco announced its plans to cut 4,000 jobs last year
Last year, Cisco revealed its plan to lay off 4,000 employees or about 5 percent of its workforce during the first fiscal quarter of 2023.
During the company’s earnings call, scott gentlemenCisco’s chief financial officer described its actions as a “rebalancing” effort. He emphasized that the move should not be considered merely a cost-saving measure involving reduction in workforce. Instead, it is a strategic effort to reallocate resources.
Herren highlighted areas where they intend to increase their investments, such as security, transitioning across platforms, and expanding cloud-based product offerings, as Chuck mentioned earlier.
He clarified that the number of job openings in these specific investment sectors is only a fraction of the number of positions that may be affected by the rebalancing. This indicates the company’s intention to efficiently manage the transition while striving to drive growth in these critical areas.