So for those that survive this round, we get three more years of cost cutting, project elimination, outsourcing, and fear+paranoia. Just hope I last long enough to weather the economic storm and escape on the other side. Sounds like a rough two years - I guess it should pay off for those that make it through tho (more efficient workforce, good margins, great bonuses, etc.)
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Yeah, for those who can't see through the manager speak, when Pat talks about aggregate savings, he's not talking about tweaking the travel budget. He's talking about your job.
As I mentioned before, cuts will continue for a while until the margins are back to where it needs to be and the dividends have to be kept or even increased. Excellent announcement and the market is buying it. Therefore, the stock didn't go into a death spiral. Kudos to Pat.
It will be equally hard (or perhaps even harder) for those who end up staying at Intel in the next 3 to 5 years. More work combined with lean rewards and bonuses is likely to take its toll through 2025 for all "Intelians". The hardship ahead is not just about cash shortage but also about executing towards unrealistic and demanding expectations from upper management. Intel will still be behind the competition after the layoff dust settles. That's when people will truly realize what kind of challenging work environment they need to survive in unfortunately.