25 yrs at Intel, 100 days short in qualifying for ERP, received VSP offer because of three S/L3 and long time in grade, never received L4/slow/IR. Only person in the team with some special technical skills, which suddenly became more important with recent changes in the direction. Manager/GM says he would like to keep me but not sure HR will allow that or not. Should I take VSP? Can they pull-in ERP? What should I do in that case?
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I have a similar situation. Ready to go and excited. Why stay where you are not wanted?
Personally OP I would consult and attorney
2 scenarios if you are doing some stellar work and have worked with your mgr to beyond SSL 3 and your dept safe and no collocation issues stay until you qualify for ERP. Otherwise VSP if any issues arise because imagine if you were walked out for ISP or any of these matters in 99 days or less? Something to think about.
Notify HR in writing and cc the world that you are retiring in 101 days. I believe once they are notified they cant take any severance actions ....
I will not take VSP unless I have another offer that is better than current job. I may not have to move at all if enough people got scared away. The longer I keep my job, the more I get paid, which may be more than make up the difference resulted from the smaller severance package intel threnren to give. Intel doesn't expect and doesn't need everyone to take VSP. I don't believe intel would fire next round of a relatively higher performers with a smaller severance package.
They won't wait until EOY or next year to take more action under ACT. Will it take 100 days? Hard to say. But next year = new focal cycle, which means it's ACT 2. And I fully believe we'll see an ACT 2, given the pattern of 2014-2016.
I also don't think they'll pull in ERP during this round of ACT. If you got something again on the "updated" ACT then it should reset the timeframe for retirement, which may put it 100 days out. Depends on how quickly they decide to do more ACT. There's also a tiny chance that ACT+ allows ERP to be pulled in a bit. My gut says there are legal issues there, though, so I wouldn't count on it.
Simple. VSP better deal than risking staying at Intel.
You know intel, they are a by the book. They are arrogant and sure of themselves, they think the package is very good, take it or leave it is their approach. The same approach they took to their customers for decades and internally. They know what is best, be lucky you got what you got is their attitude about everything. We should feel lucky, they are very generous, but it could change next year as 10nm situation becomes more clear ;-)
I was VSP’d June of 2014 with 6 weeks to go for the rule of 75/ERP. HR denied my request to grand me 75/ERP. That’s the appreciation I received for working for Intel for 17years.
I tried last year and failed
No no don't take vsp
wait for ERP..great package
I find it amusing BK made a comment about almost being in tears, huh. The only tears he is shedding is worrying about his own job with this kind of action.
If he was a leader he'd stand up and be able to articulate why 12K, the selection criteria and why and open it up for Q/A. It is all hush hush.. what kind of strategy is that and how does that make Intel and the new thrusts stronger and more efficient?
Bottom line it is out with the older, slower, topped out, overpaid employees across the board. Hope the GMs did the right thing in hitting the quota and you are left with a bunch of fast risers and underpaid to peers, what a recipe for a success as Moore's Law runs off the cliff!
@ojd, its worth OP asking HR ...your teammate who asked for ERP consideration may not have been within an acceptable time frame for eligibility (you didn't state when they were eligible, was it 3 mos? 6 mos? 1 year? It matters....) If someone is eligible for retirement in Q3 of 2016 then Intel might consider it as the ee will be off the payroll by Q4/YE reporting. However, if an ee won't be eligible for retirement until Q4 2016 or Q1/2017, that quarterly reporting doesn't occur until 2017 therefore it doesn't benefit Intel to grant the exception as by 2017 they're already close to the next round of layoffs (or Focal where they will "aggressively performance manage lower performers") at which time they can capture more people in their "ISP" net, and not have to payout a handsome package. Long story short, any ee who is eligible for retirement in Q2/Q3 really should try to lobby for ERP package if they want it. ESPECIALLY if you will be eligible before July 31st as that is end of FY 2016 and for accounting purposes, Intel will want as many ppl off the payroll as possible.
as a fellow employee and also VSP candidate, I am making my decision wholly based on the present (i.e., the separation package, my savings, my personal situation)....I am not factoring in any what-ifs on Intel because I've lost confidence that they know what they are doing. If the turn-around were close at hand they would not be showing 12K employees the door to skew the books in Q1'17. We would instead be making some personal sacrifices so our peers could keep their jobs. Many of the folks in ISP are indeed older, have kids in college, and some live in geographies like NM where Intel is the only name in town. But that doesn't seem to faze anyone in RNB.
@hzn, yga here...having 90 days to EXERCISE RSU/ISO is different from "ACCELERATED vesting" which is what ERP get. Example: if someone has 500 RSUs, set to 5 year vest schedule (100 per year at April of each year), and they are vested in 200 at time of term, if they took VSP they loose all remaining 300 RSUs which haven't vested, and will not vest within 90 days (because they vest annually). However, if someone takes the ERP package, Intel will accelerate the remaining 300 RSUs, to be available immediately (regardless of what the original vesting schedule was, which differs for the type of stock i.e. different vesting schedules for promo stock, new hire stock, focal stock, etc.) hence, the ee gets the full lot of RSUs, they don't loose any of them. ISP/VSP do not get this benefit, basically, with these packages, however many RSUs/ISOs the employee has which didn't vest this past April are lost.
Lots of managers will be looking out for their own skin and want to make sure their team delivers or they will be part of the next round to.
But, do you feel Intel will meet 12K, if not VSP will likely become ISP as BK isn't going to do the right thing. He is doing the HR lead cut, cut, cut by a thousand paper cuts to get to the target. Forget about doing a bottoms up and keeping where everyone is needed and cutting where good, average, or long in tooth aren't needed. Cut all the long in tooth overpaid.
Get over it, the new guy will learn what you can do and makes a lot less to.
They may have been too optimistic on the erp. Lots of them
They won't pull in ERP, had a guy on my team ask. And they won't hit their numbers for 12k, they were too optimistic on the VSP.
@yga its 90 days to exercise options for VSP
most people had rsu vest some in April. So won't see anymore until next year.
Erp offers 2 years of medical 1 year of pay. Read the 1st page of the 170+ page document.
if you dont mind my asking .. what is ur grade level ? how long were u in that grade level
I would take it. I know next round of isp will be for people with 20+ year service in VSP and ERP bucket.
See how HR is forcing "VSP" in Ireland.
http://www.independent.ie/business/technology/news/intel-targeting-most-experienced-staff-for-voluntary-redundancy-offers-34700259.html
Caution following poster @vrf advice, idk what that poster is saying about ERP not offering more than VSP because that's incorrect. The packages are vastly different, ERP is greatly enhanced over VSP. Perhaps poster @vrf is confused between the ISP and VSP packages which are virtually the same except with VSP you are not marked ineligible for rehire. The ERP offers up to a year's salary plus acceleration of stock vest whereas VSP does not, with ISP/VSP you lose all unvested RSUs (or options if you have them) at term date - with ERP you don't lose any of them, they are all accelerated and you keep all of them.
Really you think management is blustering about vsp into ISP
They aren't going to make their number if the vsp, ISP, erp just meet the 11k
And is ISP really worth it.
Any confirm ISP is same as vsp?
negotiate the ERP package, if you are within 3 mos. of qualifying then HR should be able to grant to you...the ERP package is huge. And, you won't be labeled as "ineligible for rehire".
it is VSP, I wouldn't take it until they do a second round....maybe your will reach the 100 days and can take retirement...it doesn't offer much more, you may make it through this.
Don't take VSP. Hedge your bets that it will take the a year (or more) for Intel to get around to converting your VSP to ISP. In the meantime, your manager MUsT give you EE/O in the next focal (if you make it that far). The packages are identical. There's no reason to take VSP. Take ISP and get the unemployment benefits that go with it.