This is so bad. What about layoff severance? Did they even give any?
Their severance package was on par with other tech companies
“Base compensation “ This is an attempt to cut costs that looks virtuous until you realize the people at the top who are stock heavy are not getting affected that much overall. Pretty much screwing over your every day employees without affecting the executives that much.
The right side of that slide is such BS. Base comp cuts will be offset by performance based bonuses and equity. And oh by the way, the latter offers potentially significant tax savings. It'll be an effective raise. I'm basing this on no information about Intel, just common sense
Maybe for execs but the mid-levels being swept up in cuts have also been tanked in "performance based bonuses" because half of the annual performance bonus formula is based on company financials and another 1/4 is based on broader company goals that you don't really directly have an impact on. Only 1/4 of the "performance bonus" is actually based on an employee's individual performance. And equity really doesn't become a significant part of comp until G12+
Agreed base comp for senior execs are 🥜 when they are all stock heavy. 🎻
"suspend employee recognition programs" Not even "remove financial perks", just going to straight up remove tools to recognize wins and rock stars. Smart
Didn’t intel get a boat load of money from the government? Now they’re doing this jeez
No that money is given on future investments. Industry hasn’t seen CHIPS act money yet, unfortunately
@Micron they are ranked 3rd in most US government subsidies. And that is even without the CHIPS act. Also the money for the CHIPS act starts rolling in 2023.
Lololo salary is probably not even 10pct of the CEO annual comp.
It's less than 1%.
To top it all off, the surprise that's not on the slide are layoffs of grade 6 and below
This was on the wall after Apple “The GOAT” company came up with Apple Silicon. Chips are way better and super efficient. Next is nvidia, already M2 are doing great in emulation and gaming in general. M3 and onwards, Apple is coming for gaming industry with subtle advertisement. MASTERSTOKE BY APPLE!!!
Ok the 401k match reduction is pretty shitty
Pat pulled this same 401k bs at vmware before dipping out too.
Did they ever return it back to normal?