That's what you get for working in a dumpster fire
32 replies (most recent on top)
This is so sad mainly because the problem was so easy to see in advance. Pandemic shut down caused demand to get pulled forward in 2020-2021 and obvious that sales would slow 2022…. Except Pat said in Q1 demand looked great and the hiring spree was running full speed ahead…. Now slam on the brakes, cut the head, cut the base pay and soon enough the dividend will be cut also. Forget about raising debt now because the rates are up and Intel isn’t as safe a borrower as it once was…. Pitiful. At least Pat got 15 seconds of fame waving to crowd during Biden State of the Union pitch.
The decisions and how they are being rolled out is really bad... If you are going to use a combination of layoffs and cuts in base why not discuss all at once? Presumably, the pay cut means fewer would be laid off and that might have been slightly easier to swallow... Instead you see you teammates get fired, then later you fin out you are not clear because you have to go home and tell your significant other they just cut your pay check.. Body blow.
This is a big mistake and shows the company cannot accomplish it's strategy for IFS world domination with headcount reduction of 30,000 needed to be financially viable... Looks like the best move here is LONG $TSM and SHORT $INTC
If I did the math right dividend cut will happen Q3 and stock will start another leg down.
For those of us below G7, this is about a %15-%20 cut. No one should pretend otherwise.
This will be a hard pill to swallow.
Between this and inflation, back-of-the-napkin calculations show about a %30 pay cut.
Good thing TSMC is building and hiring here.
To be fair, Pat made $179M in 2021 and was given the opportunity to take part in the Mobile Eye IPO - most employees weren't. This is the "work for $1" moment if I ever heard of one.
Well you may disagree with paycuts if you are from Europe but they will fire you instead.
@yqf. This is insane. I dont know why anyone in this capitalistic environment would volunteer to take a paycut to save someone elses job. This is not socialism.
I do have to wonder, that all those comments on internal forum of people writing they want to take a paycut to save someone else's job are planted.
Not a surprise, a pay cut based on grade. But without tracking employee's performance and giving bonus as compensate, Intel will just lose intelligent workers.
That won't work in Ireland at least. The law which covers pay cuts also covers reduction in hours. Both are considered a change in terms of contract and must be agreed upon by the employee.
They may cut hours in Europe instead so as employment law won't allow fo pay to be reduced easily.
You can even be demoted but pay stays the same.
With no profit likely this year there would have been no QPB pay out anyway, don't know why they had to explicitly ki-l that. Unless the plan is to do away with it for good.
last quarter intel paid $1.6B in dividends out of $3.1B net income...
Between 401k/qpb/pay it's like 10-15% for G7-11.
I was wondering about that
They have broke my contract with them
I guess we should do 5% less work
They cut pay instead of reducing dividends, essentially paying the dividends out of our pockets.
- 5% match max
And no “rewards” cycle 2023
@mwr+1kYsiLrX Like even 10- 25% is commensurate with the cost of their failure.
Anyone Gr8 or lower should get a raise and everyone from GR10 and above get a 50% cut
Pat is taking 25% base pay cut. Grade 7 and above folks takes 5% cut. 10 & Higher grade levels take 10% cut
Interested to see how this is handled in Europe. In some countries the employee needs to agree to the pay cut as it's considered a change to their contract
This is end of Intel.
Grade 7 … 5% cut.
5% for grade 7-11
Great salary has not matched inflation for the last two review cycles
Now further behind
Guess people with layoff are getting paid more
Grade 7-11 cuts by 5%
Grade 12+ 10%
ELT 15%
CEO 25%
Is this true? I’m grade 7 TD. I haven’t heard any
Pay cuts for who?
They are saving money on asl interpreters and doing their own signing
I expect nothing and I'm still let down. Good job ELT!
As they cut my salary I have asked my manager for package 30s after.
Tomorrow updating CV. I been underpaid in Intel for years comparing to market. Dear leaders - I have believed you for 20 years and supported all of those visions even when I disagreed and committed to it. Good luck Intel, it is over.
Really? Which org
Yes, let's see if the ppl that said they preferred pay cut than layoffs are ok with this. I personally I'm not