New Delhi: California-based Cisco Systems Inc is reportedly laying off about 14,000 employees which represent around 20% of its global workforce.

The company which had more than 70,000 employees as of April 30 is expected to announce the cuts within the next few weeks.

Reports, quoting Cisco said that the company requires different skill sets for the software-defined future than it did in the past. It has an aim to capture a higher share of the addressable market and to boost its margins.

Cisco, headquartered in San Jose, invests in new products such as data analytics software and cloud-based tools for data centres.

The company has also reportedly offered many retirement package plans to its employees.

The other tech firms which have announced job cuts in the face of PC industry decline in recent years, are Microsoft Corp, HP Inc and Intel Corp.