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"All employees below Principal Engineer, grades 7 to 11, will get a 5% cut, 10% cuts will be instituted for VPs, and the executive leadership team will take a 1
by hgarg 4y ago
"All employees below Principal Engineer, grades 7 to 11, will get a 5% cut, 10% cuts will be instituted for VPs, and the executive leadership team will take a 15% cut, with Pat Gelsinger taking a 25% cut. "
So the OP would rather have Intel fire thousands of employees?
- tempestn 4y agoFrom the headline I would infer OP would rather Intel cut their dividend.
- HDThoreaun 4y agoyea but they're not going to do that.
- coolestguy 4y ago>So the OP would rather have Intel fire thousands of employees? Ah yes - the only option
- 93po 4y agoIntel had record revenue in 2021 and $20 billion in profit. There is literally zero reason for cutting pay or jobs except for corporate greed.
- jonas21 4y agoIt's not 2021 any more. Intel revenue dropped significantly in 2022, meanwhile they were hiring as though the revenue growth would continue. It's a similar story to many other tech companies. But at least at Intel, leadership is taking responsibility by cutting their own pay more than their employees' pay.
- jmholla 4y agoLeadership's income is much more closely tied to stock than their wages.
- 93po 4y agoMy mind hasn't moved on to it being 2023 now, hah They still made 8 billion in profit in 2022. There's ~130k employees, let's be generous and say average income for all of those is $120k a year. This is generous because there's a massive amount of factory workers that get paid nowhere near this. That's $15 billion a year in salaries. Cutting that by 10% is $1.5 billion. Intel still would have had several billions in profit. As I said - no reason except greed. The business is not in jeopardy. > leadership is taking responsibility by cutting their own pay This is a really empty gesture. Leadership has leverage to get that pay bumped up again very quickly, and I guarantee they will. They may even get bonuses to offset it in the future. Non-leadership employees have extremely little to no leverage to get their pay back up. And in terms of financial stress, a leader making $300k a year taking a 15% cut isn't going to feel much different. Someone making $60k a year on the fab floor is going to have to make lifestyle changes with a pay cut.
- UncleOxidant 4y agoThey're already firing thousands of employees (and thousands more contractors who don't get counted in the layoff numbers)
- fzeroracer 4y agoThey already are laying people off. The reason why they're instituting the cuts is because they can't bleed critical talent, so instead they're betting on said talent staying even after a pay cut.
- baq 4y agoIntel could fire thousands and it’s efficiency would improve. There’s no way it’ll happen though, because it doesn’t know which ones to fire.