Many individuals have lost their employment in the IT industry, with estimates ranging from 200,000 to 2,000,000 worldwide.
Recent reports suggest that Cisco Systems Inc. has already begun firing workers as part of the significant wave of layoffs that the company announced around one month ago.
These layoffs were a part of a larger wave of layoffs that the company announced around a month and a half ago roughly. These firings occur at a time when the information technology sector all over the globe is through a flood of layoffs, so it is not surprising that these employees were let go.
According to reports, former workers of Cisco started posting on the websites TheLayoff.com and the anonymous professional networking site Blind on Monday, providing tips for finding a new job as well as information on severance compensation. These websites are located in the United States. In particular, suggestions were offered for finding alternate career opportunities. According to the posts, the company has already notified them that they would lose their jobs, and they have no choice except to accept the news and continue living their lives as normal. They do not have any other options.
Many of the most successful technology companies in the world, such as Meta, Amazon, Twitter, Lenovo, Salesforce, and Adobe, have already terminated the employment of thousands of their staff members and are in the process of terminating the employment of a great number of other workers. These companies include Meta, Amazon, Twitter, Lenovo, and Salesforce. It is projected that more than 2 lakh workers in the information technology business throughout the globe have been terminated from their jobs in the last year. These workers were located in a variety of nations.
According to a number of sources, the multinational technology corporation Cisco took the decision around a month ago to terminate the employment of about 4% of its whole workforce, which is comparable to close to 4,000 workers. This decision was made effective immediately.
According to an article that was written and published in the Silicon Valley Business Journal, the company has decided to take this move in order to'rebalance' its operations while also 'rightsizing some firms.' This measure will also be taken in order to 'rightsize certain companies.' This action will be done in order to 'rightsize certain corporations,' which is another reason why it will be taken. This decision was made in consideration of the fact that the firm will also be "rightsizing" some companies in light of the realisation that it will be doing so.
According to the information that is presented in the article, Chuck Robbins, who currently holds the positions of Chairman and CEO of Cisco, is accountable for the overall leadership of the company "did not provide any information on the individuals who were terminated and stated that until we are able to speak with the employees who were impacted by the firings, he would be reluctant to go into a lot of detail about the firings themselves. He also stated that he would not provide any information on the individuals who were terminated. To put this another way, I would say that what we are now doing is bringing the size of a select few of the companies down to a level that is more manageable for us as a whole."
According to the material that was made available, the Chairman and Chief Executive Officer of the company was also reported as saying, "You can essentially anticipate that we're going to — we're not really — there's nothing that's a lower priority, but we are rightsizing certain firms."
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