Oh, they absolutely do need people to build it. Just not US employees - at least not citizens and permanent residents. Look for them to apply for more H1B visas and overseas (because "they can't find local talent here").
It'll be just the same with Microsoft's and Broadcom's recent layoffs.
I get your feeling but the East tends to follow the West, and this is an early lead from the West, since IoT just beginning. In other words, the East sees little personnel investment by the West, this early, they would also be cautious. Direct to overseas is for mature, developed tech. Maybe that's what IoT and IoE are.
Cisco is doing the same as most large companies. Layoff the older workers and replace them with younger or foreign workers. Saves money for the bottom line to pay the CEO and they never get in trouble for age discrimination.
Spot on, Daleste! If anyone complains about CEO's huge salaries compared to the workers, someone will say "Yeah, but if you halved it, that money would only be $ 20 per year per worker". Yes, but the reverse is also true. All a CEO has to do to justify his obscene salary is to lay off a few workers, or knock their pay, or say he can't afford to give them a raise.
I don't know what the solution is....tax high salaries at a super-high rate....make companies confirm to a bell curve of salary distribution....limit the differential between the lowest and highest paid workers in a company (include contractors so the CEOs can't snivel out)....etc.
Personally I favour if a CEO gets more than a certain amount (lets say more than the President of the US) he is put in the stocks so people can throw rotten tomatoes and eggs at him. I think that would work.... :-)
Capitalism worshipped all over the western world at its cruel best....It is high time we agree that workers from the east are willing to do our jobs at 1/3 the rate with the same level of competency...unless we go towards a economy with good deal of govt regulation i forsee these things happening unabashedly...we need stricter regulations on how layoff should be done...lastly cap CEO/VP salaries....So the million dollar question will the west now agree for tighter govt control on their beloved free market enterprise....
"Capitalism worshipped all over the western world at its cruel best....It is high time we agree that workers from the east are willing to do our jobs at 1/3 the rate with the same level of competency".
I'm with you truekop, and not just competency, people from the east have higher number of work hours. The median for western based workers is 8.35 hours where for the eastern hemisphere that is 8.90 hours. Also by eastern standards, workers are not given the equivalent amount of salaries which based on some analysts answers are due to "cost of living" which is high in the west.
"I don't know what the solution is....tax high salaries at a super-high rate....make companies confirm to a bell curve of salary distribution....limit the differential between the lowest and highest paid workers in a company (include contractors so the CEOs can't snivel out)....etc."
David, I think that CEOs aren't good at their job, that is why they have to cut the workforce short. Firstly, they look authoritative, but I think they have no idea what they are doing. Microsoft recently laid off 16000 workers from the Nokia merger, and my question was why did Microsoft buy Nokia if it was going to lay off so many workers?
@Anand....yeah you have to wonder about these guys. Especially when you read about Hewlett Packard in the good old days of Bill and Dave...not one layoff when they were in charge, and one of the greatest companies in the world.