I am still undecided but leaning towards declining my VSP. I don't have a job offer handy to jump from one boat to another, so I'd rather take a risk and stay. My manager says our FAB has already lost about 25% of ETs due to ISPs, VSPs and ERPS, so if we'll loose more the FAB won't be able to operate. He also thinks it's unlikely that VSP will turn into ISP withing next year. So I've updated my resume but I will fill more content to leave Intel when I find another job if even without any severance package.
35 replies (most recent on top)
I think it's a fear based decision to take it and not to take it.
Uncertainty in a job market - fear to not take it
Uncertainty at Intel - taking out of fear.
If one is MLOA you'll give up ADA rights and whole lot of other ones.
RE: The only reason a person would take VSP is out of fear, and we all know that business decisions which are based in fear are usually bad decisions.
I view this in an opposite manner. The only reason a person who is sitting on the fence would decline VSP is out of fear. If your sitting on the fence at all you should take it unless you already have your own exit strategy planned,
Ari didn't give any details about affected departments.
@1ucc - Thanks for the prompt reply! I'm also in VPG, also eligible for VSP (and taking it). Also hv heard about 20%+ cut through the grapevine. Did Ari mention anything about which particular groups within VPG would be hit the hardest? Any other tidbits from the open forum that you can mention?
More heads, I need more heads! Without more cuts I can't make the numbers. I promised wallstreet 12K and after that need more so I can buy somemore companies to grow this IoT, start some new shows, and do more commodity stuff. Oh yeah, more heads, LOL
The 25% numbers were what people have whispered around. Somebody asked Ari about actual targets and progress towards target. Ari declined to officially say
The open forum was in the cafe. No webcast.
@1wqw - Source of 25% target for VPG? Was this mentioned in open forum? Also, is there a webcast replay of that open forum or was it a local thing in FM only?
I think the answer depends on how much your group still needs to cut. I heard that VPG is facing a 25% cut. If they don't hit their targets with current cuts, they need to look elsewhere. I'm eligible for VSP and think the next cuts will be HR spreadsheet based. And the one piece of data they have is TIG which is being used to determine VSP eligibility. So it's natural to conclude that those eligible for VSP will be the next to go. Even Ari's open forum in Folsom on Tuesday implied as much.
Anyone not taking it should read this good posting and then reconsider, LOL
https://www.thelayoff.com/t/HFjvMAf
Don't take it! But please post a follow-up on Thursday evening, letting us know what you decided to do.
1gwq...I'm one of those who sees the best in any & all situations, thinking I/we can turn it around somehow and fight to the bitter end. It's my fatal flaw in everything I do...marriage, work, kids, etc.. I might surprise myself come Thursday afternoon and go against my natural instincts...working up the courage. No matter how much time I spend in prayer, talking with family & friends, or reading hete on this board, I am still woefully undecided. In my heart, i'm pretty sure i'll go down with the ship. Yep, i can feel you shaking your head at me...
Well, the people who don't take their VSP will find out soon enough - the window is closing - and they're the canaries in the coal mine. They're choosing to test Intel's resolve - to see if Intel will make good on their implications. They're the ones with skin in the game. They've heard the arguments on both sides. They'll take the risk they prefer.
1-pdd
there is absolutely no guarantee that the next offer will be better. In fact, logically it will be worse and if you look at what IBM just did .. factually it will be worse.
Logically.. not fearfully.. one can reason that that this VSP is much more targeted than past offerings.. leading one to assume that the ones offered VSPs this time are on some type of short list.
If one feels they have a good chance of getting a good review in the upcoming cycle... better than sl3 ... then stay..
However, given how cut throat the current environment will be... it will be tough.
1bvm..would you rather be one of the first ones off the sinking ship and able to land in a rescue boat or one of the last off with little to no opportunities?
I'm in your exact situation -- but with no fear of it going to ISP what-so-ever. I still struggle with taking it or not taking it...a weighted pro/con list said not to take it and logic tells me not to take it w/o another job lined up. The jobs I've looked at are not a great match and I love what I do at intel. BUT on the other hand, I do see Intel as a sinking ship and I so don't want to be associated with these politics and the dismal leadership; add to that the extra work it will entail going forward....do I have the faith to trust leaving is the better choice? It's a hard and very personal decision, and in the end I think I'll be staying and keep looking for jobs outside intel, interviewing, and praying I see clearly open and closed doors for what they truly are. Good luck to us all in making our decisions...
Go with your gut. If it was me I wouldn't take it, but I'd be actively pursuing other jobs outside of Intel.
Ride the wave and you be fine. How can someone take VSP if they dont have another job. Good luck.
The only reason a person would take VSP is out of fear, and we all know that business decisions which are based in fear are usually bad decisions. Base your decision on logic. History and logic tells us you'll likely get as good or a better deal in a future offer and Jon addition to that, you'll have a monthly paycheck and benefits. This seems like a no brainier to me.
OP, I'm also declining the VSP; all these people suggesting people like us who received VSP take it with no job lined up are not in our shoes. It's not written in stone that our VSP will turn into an ISP. I received an VSP about 5 yrs ago and I'm still with the company while others are not.
I went back and forth too but I'll chance it. I may get another 5 yrs out of this company.
@1mjo I think you made the right call. It took courage... but most worthwhile things do.
lucky you, you got a vsp offer! dont take it for granted - its your way out of a dying company! not everyone got an offer and unfortunately they will be left behind to pick up all the broken pieces...
id take the VSP, get out while you still can with some extra $ while still keeping your dignity - this ship is sinking... its not gonna get better by staying
go for it, its time to move on and you know it! make it happen...life is short...
Took the VSP today from corporate services. The fab we serve is dying. I'm stale, nothing new to work on and a 57. I decided to take a known quantity (1 yr base pay, plus sabbatical payout, plus buttloads of PA and VAC) instead of waiting for the axe to drop on EVERYbody on the site.
I'd like to beat the stampede and get a head start.
It's a gamble, I understand. Anything could happen.
An earlier post (in fact, a number of posts on this site) recommended forcing an ISP "so you can claim unemployment." And I (-hbf) commented on how unemployment isn't really attractive enough to make it a goal - especially if one is forfeiting more valuable benefits in order to qualify.
I'd think the choice of whether to take a VSP depends on a number of variables (for instance, how many months of pay is OP being offered in his/her severance package?) - and also a number of unknowns: Is the manager's assurance valid and worth the risk? And how quickly might Intel convert VSPs into ISPs?
Just because you were offered a Voluntary Separation doesn't mean you can't, as soon as Intel would like, be Involuntarily let go. With At Will employment, the company is allowed to cut costs and headcount, as long as the criteria isn't explicitly discriminatory. If they don't reach their numbers with volunteers, they're allowed to continue cutting - and the VSP's, due to the performance implications, would be likely targets. Possibly not all of them - some of them may be in areas that already lost a disproportionate number of people - but certainly as many of them as they need to fulfill their goal, taking into consideration the other kinds of cuts.
I wouldn't take it either. they are fear mongering. get a lawyer. everyone involved in ISP/VSP/ERP this year should get together and sue intel. this is one of the worst things i have seen there. I'm not in either boat above but i am planning my exit as soon as it suits me.
OP is talking about not taking a package because he doesn't have a job offer to land on, not because he wants unemployment benefits. People change jobs all the time without any severance packages but when you leave one job for another, you are confident you will have a new source of a stable income, not just a severance package however generous it is, because it won't last you more than a few months anyway.
Unemployment appears to pay such a pittance. And one must jump through a variety of hoops to get it. (For instance, you can't go visiting or vacationing out of town while on unemployment, because that means you're "not available to work." If they discover this fraud at some point, you have to pay back the money. So unemployment means relentlessly staying home, not taking some fun trips with all your spare time.)
VSPers have no idea if the next ISP package will be as generous as the previous one (logically, it'd be counterproductive for Intel if it were), but they do know that unemployment compensation is paltry and demanding. Is that particular trade-off financially worthwhile? Getting to file for unemployment doesn't seem to be a particular prize.
I don't think your VSP will turn into ISP since you, obviously, don't have performance issues (or you'd be walked with ISP already). It would be tricky for Intel to ISP you right after you didn't accept VSP. However, they can still ISP you due to a project closure or something like this, but then you at least will be able to be rehired.
Take it. Apply elsewhere in the meantime and join the new company with the bonus pkg. Orelse just come back to Intel, lots of new openings will be there soon.
if your VSP package is equivalent to one year salary, you should take it. No need to take the risk of ISP with 2 months statuary pay only. In one year you can find a job you like.
Some countries were given 2 weeks to decide to take vsp. Not enough time to get any interviews.
Comes down to your specific skill set, salary and how long you have been at the job grade. If you are a 56 for a long time in LTD the chances of moving up are near nil so any algorithmic future ISP will scoop your assto the top of the heap to get kicked to the curb. If you have good skills and say 30+ weeks of salary, get the puck out.
You think it will be GPTW giving all the blind cuts and grim future. The wheels have fallen of the car with the stupid algorithmic ISP, VSP, and ERP. I have never seen morale so low or fear so high, so sad
If I were you I would not just accept vsp with no job offer at hand. I think you have taken the right decision not to accept it. You do not have much control if anything bad happens in next round. But if u still survive one more year you get enough time to find a new job. If would be foolish I think if u do not continue looking new jobs...
If I was in your shoes I would definitely NOT take it? Let them walk you out so you can claim unemployment. Why make it easy for them? This way you can suit them if they turn the VSP to ISP. I posted about this couple days ago.