I don’t think my group will be affected by layoffs, but I still don’t understand why bonuses, pay, and other expenses aren’t cut before people.
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Folks complaining about being underpaid and don't know the difference between socialism and fascism.......two very very different things. Read a book
Fu-k paycuts. Engineers are already underpaid compared to Intel's competitors so if they cut our salaries? You're just asking us all to leave... He-l I'm already looking for another job. I want a backup plan even though my area RARELY has layoffs.
Good luck if Pat tries to impose anything like the "110% solution" which Grove did in the 80's. That solution would work in that generation, 35years ago. Today it won't, sorry.
Actually they do. Anyone working at Intel would have seen a dramatic reduction in their bonus last quarter. The bonus for the year isn’t looking very rosy. Anyone grade 10 and higher as a huge amount of their pay that comes from the value of stock and that is down. These pay cuts happen almost automatically. When that doesn’t work then they cut programs and when that doesn’t work then they have to cut jobs.
Before they had some of these automatic controls, in the 80s there was 110% solution that Andy grove used. Everyone took a 10% pay cut and voluntarily worked 10% more.
Pay cut is a given with current level stock price and profits. Compensation from bonuses and stock options will be near zero....
They can't be cut as they are part of required compensation...if you knew anything you would know that
Pat should work for 1 dollar the CEO he likes to compare himself to
Sure, just slash all salaries of vp’s all the way up to C’s.
Speak for yourself.
I’m getting paid my worth and not a penny less otherwise I’m walking to a competitor that will pay the market rates.
Nah, cull those low-performing people. Unfortunately, most of these people are foreigners who have no interest in improving the USA.
Y’all are assuming that HC reductions will take into account productivity or other performance metrics (they won’t).
Just as likely Joe slacker keeps his job while you get the pink slip as it is the other way round. Don’t get too co--y - just look at the ACTs.
I work with people that literally go an entire quarter without any creating any tangible work artifact. I'm supposed to take a paycut so they still have a job? Give me a break
Pay cuts make sense for a startup to extend the runway, certainly not for a company the size of intel. Don’t be so desperate, there are so many better places to work. If you like screwing around hang in there at intel.
You are asking for is socialism. You want a high and low performer to take the same salary hit even though it is the low performers ( including poor managers and their decisions) which is responsible for the current situation.
Layoffs if done correctly can eliminate unnecessary roles, low performers, unprofitable products/ business etc making the company more efficient. Salary reduction may save money but will not achieve the above objectives and the underlying problem will remain and continue to sink the ship. Moreover, if you cut the pay for high performers, they will get poached by other companies for better pay which hurts the company more. Hence salary reductions are not substitute for layoffs.
Regarding bonus, we got negligible bonus last quarter and may get nothing this and coming quarters.
Good people will leave as they can probably find jobs elsewhere with better pay.