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Sounds like typical turgid ceo-speak. Is there anything in there besides generalities about "vision", "strategy", and "market"?

"tough decisions" is usually a codeword for layoffs so I guess this a 2000 word note prompting employees to freshen up their resumes?

Yep, that's what the memo screams to me. Get your resumes updated.

And along with that, it seems too "proper" to be a leaked memo. I'm guessing it was "Confidential" but intended to be leaked. Gives it that appeal of secrecy.

If it's not seen as rote/generic by those who read it, it's a good memo. If it's seen as "office as usual," it'll work against itself.

This is smart organizational behavior being put into action: while 30 days isn't enough time to meet with most in the company, it shows that the COO is pushing to lead through consensus, and it shows that he's listening to common employee problems.

On Reuters' website, people have been saying that this is a CEO being deceptive; this is not the case. If they think that, either they're too used to corporate communications burning them from this perspective, or they're unused to clear, honest communications. This is a CEO and COO telling employees that there will 1) be change, and 2) it will be mostly a process/managerial change.

By getting employees' assent and respect, it makes eventual-changes easier, and also allows for the regular employees to feel that there is clarity and vision leading them (instead of inexplicable changes that confound both internal employees and external pundits).

Cisco's always been honest like that. I don't care too much for their products or strategies but I admire the honesty within the company.

After the bubble popped the company I was in came up with this idiotic new plan: if you want a raise you have to convince the people above you that you deserve it. This meant that if you wanted one (everyone did of course) you could go to your manager and set up some goals to achieve that would get you that raise. The manager would, of course, take what ever concrete goals you suggested and make them more fuzzy. When the yearly review came 'round and it was time to see how you were doing you would find that somehow you had not met your requirements. Morale took a nose dive because none of us were getting raises and it was all our own fault, despite our best efforts.

Then we talked to an employee of Cisco. Cisco had told them straight up, at almost the same time to the day, that times were tough after the bubble popped and that no one in the company would be getting any kind of raise until things turned around. Not the CEO, not the janitor. No one. Then it all finally made sense. I gained a ton of respect for Cisco and lost any remaining respect I might have had for the hell hole I was working at.

Cisco has instituted boards and committees for everything in the last few years. Besides layoffs and a re-prioritization, this memo also calls out the lack of speed and accountability that has resulted; I believe this is an indication that those structures are also going to be changed.
Sorry, lost me at "We will accelerate our leadership across our five priorities".

What the heck does that mean exactly?!!