A lot of tech companies have had rounds and rounds of layoffs in their companies, these include Amazon, Meta, Twitter, and more.
Another company that is now taking up layoffs is Cisco – the company has fired as many as 5 percent of its entire workforce.
Cisco Fires 5% Of Entire Employee Headcount
Last month, there were rumors that Cisco was considering firing workers. And now, over 4000 employees, or 5% of the workforce, are said to have been let go by the networking company. According to some, layoffs are a necessary part of the “rightsizing certain businesses” and “rebalancing” process.
As per reports, Cisco “didn’t take this decision lightly” and “will offer those impacted extensive support, including generous severance packages.”
Also, Chuck Robbins, Chairman and CEO of Cisco, revealed, “You can just assume that we’re going to — we’re not actually — there’s nothing that’s a lower priority, but we are rightsizing certain businesses.”
Some of the employees at Cisco stated, “Impacted by Cisco layoffs!” Whereas another said, “Looking for immediate (software engineering) referrals. Any help would be sincerely appreciated. Thanks.”
Additionally, many workers were observed inquiring about the severance package. Official information about the situation has not been provided by the company.
Meta, Twitter, Byju’s Firing Trends
As we reported earlier, Meta has fired more than 11,000 employees or 13% of the workforce. This time, cost-cutting is being utilized as a justification.
Other issues the corporation is dealing with include sluggish advertising markets, rising costs, and disappointing results. Since Facebook was established in 2004, these employment losses mark the first significant budget reduction.
Additionally, Twitter has let go of more than 90% of its Indian workforce. Only 20 people still work for Twitter India, which once had over 200 staff. The drastic personnel reduction shocks the entire world, not just the microblogging company’s position in a developing market like India.
Byju’s, a leader in edtech, is also accused of firing over 2,500 workers from all of its group companies.
In order to reduce costs in the face of growing losses, BYJU’s announced in a statement that it plans to fire around 2,500 employees across departments.
In June of this year, news outlets claimed that 2,500 full-time and contract workers from Toppr, WhiteHat Jr., and its core team in the sales and marketing, operations, content, and design teams will be let go by the leading provider of edtech.