Dismal raises again this year at GF. 0-2.5% typically based on how well paid they think we are based on their imaginary salary bands compared against Walmart, etc.... What a joke!! I get we are in an economic downturn; however, inflation is still very high and each year our salary is falling further behind inflationary increases. All this while are execs are cashing in on all their stock options, RSUs, etc ..... Time for everyone to start assessing options and seeing if the grass really is greener in other places!!
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GF is sinking fast and this will get worst as we enter 2H,23. With more and more of our key customers moving to 7 nm and below, it will be hard for GF to survive due to cost pressure. Bad thing is that we are still 40% higher compared to benchmark even at this high attrition. It will be hard decision for GF to select people for next layoff which is eminent due to wall street pressure.
It’s all lies and gas lighting at Globalfoundries. Don’t believe your manager they are lying to you and they know it
@1ybm+1nk1dJoo When I was there comp (yes the now executive lady flying around the world and getting awards) refused to provide post pandemic salary updates. Made hiring almost impossible. They literally changed the title of the spreadsheet to 2022 from 2019 with no actual changes and told us it was the new comp structure that took 6 months and I make.
This is intentional- the more employees they can discourage to quit on their own, the more jobs they can export out of U.S. into lower cost area like Bulgaria or India. That also means they have to pay even less in severance when they do layoffs soon in order to really force convert jobs to offshore.
They want you to leave- or you can stick around and work extra for peanuts. Your choice.
GF has been dismal in terms of competitive compensation for a number of years. The salary tables that they often quote when they say GF is competitive with the industry are years out of date or they are comparing total labor costs to companies with even larger low cost geographies. In 2018, a former HR business partner showed me that they were still referencing salary tables from 2012. That is why today, good quality GF talent are easily able to find other jobs at a 30-50% higher salary than what they are getting at GF.
Annual merit increases below 3% just make the gap widen each year.
Tommy boy is banking on a majority of employees to keep doing what they have always done- Roll over and take it. I got laid off in the last round. Honestly, the 3 months off with full pay and then nice fat check at the end was nice. But the cherry on top was getting hired by another company with an increase in pay. As long as your at GF, you will not be happy. Good luck