Cisco Layoffs Could Benefit Silicon Valley Nonprofits

San Jose-based networking giant Cisco Systems has announced a program that will give the 8,500 employees it recently laid off the option of working at a Silicon Valley nonprofit organization for a year — at the company's expense.

Laid-off Cisco employees who commit to the program, which is designed to help Valley nonprofits integrate the Internet into their operations, will receive one-third of their former salary, full benefits and vesting, and a two-month grace period at the end of a year to try to find a position at the company.

"This is one of the ways that we could not only help the employees themselves that are impacted by the layoff, but help the community in the process," said Michael Yutrzenka, senior manager for community investment at Cisco.

Nicole Wallace. "Charities Could Gain From Cisco Layoffs" Chronicle of Philanthropy 05/17/2001.