Thread regarding GlobalFoundries layoffs

anyone here know of an E.E, designer that might be interested in some part time consulting work for a local tech startup? work would not be in conflict with anything that GF is doing. design involves a product that becomes part of a residential structure.

heard the july merit adjustment is at stake .. and might be postponed due to COVID

Did anyone get promotion or postponed ?

Reason for push out for raises is to space out the work HR department had to do per svp response to townhall Q&A.

I hear raises are 1% can anyone confirm?

Federal Reserve stated today that "there's no reason why US wages would not continue to rise...". And here's exactly the why not case - refer earlier comment "Robbing Peter to pay Paul", meant TC

Intel hiring all positions Austin Texas

I straight up told my mgr that no raises = me having to look elsewhere. He said he put me in for a promotion, but he understands my situation. He doesn't think the raises, or promotions will happen for 1-9's in summer. He said SLT's explanation was corporate buzzwords, and they're definitely lying.

Q: why the band 10 promotions had occurred so early, beginning Jan’20?
A: seems like infamous practice off Robbing Peter to Pay Paul continues.
N10+ early Merit increases & promotions: - 3mo x (N10+ paychecks) x (% N10+ raise).
Delay N1-9 Merit increases & promotions till July: +3mo x (N1-9 paychecks) x (% N1-9 raise). And who knows how Market conditions will change by July?
It’s funny that TC cares about Survey results ;-)

The proof-point is they have a prio, to create a silo, in order to achieve a desired EBITDA. Even though stretch goals were realized, the CS initiatives were unsuccessful to please SLT, McKinsey, and MIC. TC will project the 2022 vision, of how differentiated product pipelines, intertwined with a desperate CoH financial target and diversity, through technical vitality forums, is needed for long-term sustainability and viability.

Water water everywhere but not a drop to drink....

I was wondering why the band 10 promotions had occured so early, beginning January 🙄

Stock options in lieu of raise and promotion to select few

This is not the first time that this has been done. Singapore site had executed these actions of delaying pay increment, no increment except for people who had been promoted etc especially during bad years in the past.

They are probably trying to get people to leave so they don't have to do a layoff. Or they don't have to do as big a layoff

Coworker has a POC in HR. She said definitely pushed out to summertime. Also said mgmt was acting like something else will happen, like RIF. No specific talk about it, but they're acting like they did before other cuts, especially the 7nm surprise. Something bad is being hidden IMHO.

Coming months! Why? This is really cheap.

Can confirm, just talked with my manager. Will be announced in the coming months

I see two reasons, pure guess:

1. They are gonna have a layoff in between now and July when we have the raise, so they can get rid of people and give the survivor bare minimum for raises, saying how lucky they are to even have a job.

2. Trying to get by with only 2 pay raises for 3 years. Once in July of this year and the other one early 2022- and skipping one pay raise.

Usually because the company can't afford to pay them. With a company this size, my guess is no cash.

Why?

Yes I also heard that a manager has told this to his team. Why don't they just send a company wide email instead of people haring from others and speculating? As for promotions of level 10 and up getting pushed further, it was all done in 1st week of Jan and there was a company wide communication for that. So the leaders were smartly promoted before. Good luck!

Heard same regarding promotions and raises. Don't get your hopes up for July though.. doubt money will magically show to pay then too.

Can confirm. I've heard the same thing managers. Level 10 and up increase are pushed even further to December.