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Intel has always paid at about the 80th percentile of the market. They've made it up with variable compensation (bonuses) and stock, both of which have been poor for the past three years or so. They also boasted excellent benefits such as the sabbaticals and programs to promote work-life balance, including remote work options. These are being cut back, removing some of the prime appeals of working here.
The mistake the ELT made is to benchmark Intel against our competitors, trying match our rewards package to theirs so our costs are more competitive. Just one problem: if you strip away the great benefits, and your bonuses and stock are practically worthless, then all you have to compete on is base pay. And, since we are strapped for cash, it's highly unlikely that they will ratchet up pay to match that of NVIDIA or Apple.
So we're stuck with a meh benefits package and paying less. How they expect to keep or attract top talent is beyond me.