What a difference two years makes for Cisco. Consider the following announcement from the president concerning Cisco and new job opportunities. Then read the press release from Cisco announcing their new jobs training program.
Today, we launch a new jobs training program in Michigan that was cited by President Barack Obama. The program is designed to upgrade skills and create new job opportunities and will focus on broadband, network security and healthcare IT training. Press release on this news here.
Technology plays an ever important role in education and the classroom, but how can it be best utilized for job training and retraining? Visit Cisco WebEx’ PasstheBall.com and help us brainstorm some great ideas on how technology can help train workers or upgrade skills. Don’t have an idea? Rate or comment on ideas that are already there: http://passtheball.com/jobtraining. Start an idea or rate an idea and we’ll make a donation to Teachers Without Borders.
Cisco today is announcing job cuts of up to 10,000 positions. Another example of a company that supported the president and his agenda that is paying the consequences.
Cisco Systems could cut as many as 10,000 jobs, which amounts to about 14 per cent of its workforce, it has been reported.
Up to 7,000 jobs would be eliminated by the end of August, two people familiar with the matter told Bloomberg, the news agency. The maker of networking gear is also providing early-retirement packages to about 3,000 workers.
Karen Tillman, a Cisco representative, said: “As we announced on our Q3 earnings call, Cisco will take out $1bn in costs . . . as part of our efforts to streamline company operations, including a planned reduction in workforce. We will provide additional detail on the cost reductions, including lay-offs, on our next earnings call on August 11.”
The pending job cuts “will help right the ship” and achieve a reduction in operating expenses by about $1bn annually, said Brian Marshall, an analyst at Gleacher and Co.
Cisco would also need to lower its long-term revenue growth target to about 10 per cent from a forecast of 12 per cent to 17 per cent, Mr Marshall said.