What % of different groups are being cut ?
We should all be interested. Seems like HR not being touched that much! So some executive leaders really swinging their bats!
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Curious how AXG is doing
Heard MSO targets 25% and GSEM targets 20% cuts, not sure how much of it would be hc.
SATG announced a 12% total budget cut, approx half of it would be through CPM. So the expected HC reduction is 6 %.
Intel Labs announced similar budget cut targets, hoping to meet HC reduction through voluntary apps and estimated attrition.
Someone in finance should ask if the the VP and middle manager jobs will be proportionately moved to lower cost geos. Excel and PowerPoint aren’t tools that require usage in an on-site, in-US presence so leadership moves are easily done. it would be interesting to see what they say.
In PESG: 3.5% cuts in Q4 and >10% in Q1. Emphasis on "greater than"
12-14% in ccg
20%-ish in finance. These are cuts to budgeted $ though. HC cuts will be less as finance is trimming everything they can before touching heads - in some departments in finance, we are running well under budget which helps avoid HC impacts. I’d expect we end up around 10-15% HC reduction as an org.
What’s more concerning is that this is just a first step. Finance VPs have openly stated they intend to prioritize HC adds in low cost geos going forward (one basically said all G3/5 hires moving forward will be in CR or MY. Whether this ends up meaning US HC is attritted down over the next couple of years or there’s another action on US fin HC after CR and MY teams are built up remains to be seen.
20% cuts in GSEM - procurement