Cisco’s move may seem unusual, given the belt-tightening happening almost everywhere else in the tech sector. Most major technology companies, including Google, Meta Platforms and Oracle, are freezing hiring, laying off employees or cutting contractors and extraneous projects as their growth slows. At the same time, these companies face enormous pressure to retain employees in a tight labor market after some workers have expressed concerns about their pay amid rising inflation. Earlier in the year, before macroeconomic conditions deteriorated further, managers’ concerns about employee turnover prompted Microsoft and Amazon to announce broad pay increases.
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