Cisco announced rightsizing of its businesses as a step to balance its growth and funds.
Cisco joins the turbulent layoff season. The firm is about to shred 5% of its workforce as a measure to resize the firm.
Cisco is an American-based multinational digital communication technology conglomerate firm. The company has been gearing itself for a massive layoff where 4000 employees will be laid off as a result of balancing its financial dynamics.
Impacted by layoff at the Networking Giant Company Cisco, some workers and employees posted about layoff on journals and portals.
The employees are seeking opportunities and asking for tips for new jobs. However, the chairman and CEO of Cisco did not reveal any information on the layoff of employees as he was reluctant to disclose the details but he made the disclosure on rightsizing of certain businesses.
Due to economic uncertainty and the current market ebbs and flows, many tech pioneers like Amazon, Meta, Twitter, and Adobe have done layoffs.
Such massive letting go of employees impacts the industry on the whole. Most importantly, layoffs on a large scale impact organization’s workforce productivity and motivation as well.
Chuck Robbins, chairman, and CEO of Cisco said “There is nothing that’s a lower priority but we are rightsizing certain businesses.” Cisco Chief Financial Officer Scott Heren added that a current layoff is an act of rebalancing.”
“As we look towards the future, there are areas where the firm would expand its investment and the company is also opening hiring in areas where it is planning to invest primarily,” Robbins added.
Reportedly, tech companies made extensive hiring during the pandemic as opposed to the current market situation where the online retention of customers and people is fading away.
In such a scenario, it has become intrinsic for large organizations to cut down on their workforce expenses to cope up with the speed of the market.
