What’s happening at Cisco?

On Aug. 9, Reuters reported that technology company Cisco is planning to lay off as many as 4,000 employees. The announcement, rumoured to be happening Wednesday, would mark the company’s second round of mass layoffs in 2024, following the 4,000 employees laid off in February.

These job cuts come as a result of the U.S. networking equipment maker’s plan to shift its focus to higher-growth areas, such as cybersecurity and AI.

Official statements and context

The layoffs are the latest in the tech industry, which has been cutting costs this year to offset big investments in AI.

• Cisco has not yet responded to requests for comments.
• They have been trying to incorporate AI products into their offerings, and in May stated their target of $1 billion worth of AI product orders by 2025.
• Cisco employed around 84,900 people as of July 2023.
• Shares in Cisco fell 1% after the first job cuts were initially reported. The stock was also down over 9% this year as of Thursday’s close.
• Since the beginning of 2024, over 126,000 people have been laid off across 393 tech companies

Layoffs in Canada

It remains unclear exactly how many Cisco employees in Canada will lose their job as a result of this layoff.

Your rights

In Canada, non-unionized employees at Cisco are owed full severance pay when they lose their jobs due to downsizing, corporate restructuring, or the closure of the business.

This applies to individuals working in any capacity — full-time, part-time,...

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