Cisco to avoid layoffs, banks on hiring freeze

NEW DELHI: Global network major Cisco has stopped hiring across operations, including India, due to the current economic slowdown, a senior executive said on Monday.

The company is adopting other cost-cutting measures, including slashing travel costs, to save up to $1 billion in the next three years. The restructuring programme, however, will not include lay-offs.

���The crisis has certainly had an impact on our revenues and we are exploring ways of staying competitive,��� Cisco Services executive VP Wim Elfrink said, on the sidelines of the India Economic Summit. The slowdown has affected Cisco���s quarterly performance and revenues by about 10%, he added. Earlier, Cisco had stated that earnings in the coming quarter would come under pressure.

���We will adopt a restructuring programme over the next three years and save about $1 billion from such measures. We plan to invest about $500 million back into our business,��� Mr Elfrink said.