job losses on the cards at Cisco.
Cisco is allegedly letting go of 4,100 employees as part of a “rebalancing” measure while “rightsizing certain businesses”, while a recent research paper shows that the US labour market recovered quickly following the Covid-19 pandemic. Twitter’s new CEO, Elon Musk, has sent employees his top six productivity tips, which were leaked on social media, and Wipro to set up an European Works Council following negotiation with employee representatives from 13 countries.
US labour market’s quick pandemic recovery
According to a paper presented at a Boston Fed research conference, “the [US] labo[u]r market remained surprisingly tight throughout the [Covid-19 pandemic] crisis, despite the dramatic job losses” and had recovered earlier this year.
Almost all of the hit the US labour market took in 2020, when Covid-19 struck, was tied to temporary layoffs, which were swiftly rescinded.
Fears the pandemic would cause deep and lasting damage to the economy generated a historically aggressive campaign of stimulus by the government and the Federal Reserve, as elected officials and central bankers were mindful that the weaker policy response to the Great Recession over a decade ago led to a slow recovery for the economy, reports Reuters.
Cisco ‘rebalancing’ could result in 4,100 job losses
Cisco is allegedly letting go of thousands of employees as part of a “rebalancing” measure while “rightsizing certain businesses”.
According to a report published by the Silicon Valley Business Journal, the move will cause approximately 4,100 layoffs at Cisco, which has a global employee headcount of 83,000.
Chief financial officer Scott Herren said, “Don’t think of this as a headcount action that is motivated by cost savings. This really is a rebalancing. As we look across the board, there are areas that we would like to invest in more; Chuck just talked about them. Security, our move to platforms and more cloud-delivered products.”
He added, “We’re going to be working really hard to help match our employees to those roles to the extent there’s a skill match. So, we’re going to work really hard at that.”
Six tips for productivity, courtesy of Elon Musk
New Twitter owner Elon Musk continues to make headlines, with the most recent being the six tips for productivity email that he has reportedly sent to employees.
According to the leaked mail, the six recommendations are: Avoid large meetings; leave a meeting if you’re not contributing; forget the chain of command; be clear, not clever; ditch frequent meetings; and use common sense.
Wipro sets up EWC
Multinational IT, consulting and business processing firm Wipro will be setting up a European Works Council (EWC), following negotiation with employee representatives from 13 countries.
The creation of the EWC follows a request by employees under an EU directive establishing the opportunity in companies with more than 1,000 employees across multiple European locations.
The EWC is a council where European employee representatives and their management counterparts meet to discuss topics related to the progress of business and how it affects employment, working conditions and working methods. It exists under a directive drafted by the European Commission.
