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Intel Cuts Employee Pay to Maintain Quarterly Dividend

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Re: Intel Cuts Employee Pay to Maintain Quarterly Dividend

#51

Post by georgemcbay »

From the inevitable "macroeconomic headwinds" notification quoted here:

https://www.bloomberg.com/news/articles/2023-02-01/intel-cut...

> “These changes are designed to impact our executive population more significantly and will help support the investments and overall workforce needed to accelerate our transformation and achieve our long-term strategy.”

Calling bullshit on that.

A 25% pay cut when you're pulling in close to 200 million (ignoring the fact that the pay cut is likely to only apply to a portion of that which makes things even worse) is NOT a more significant real world impact than even the minimum 5% pay cut non-executive employees are getting and who do they think they are fooling by saying it is?

Re: Intel Cuts Employee Pay to Maintain Quarterly Dividend

#52

Post by senttoschool »

dilyevsky wrote: post #50
senttoschool wrote: post #18

Earlier quoted context omitted.

There are so many choices if you're a top talent in silicon. Apple, Amazon, AMD, Nvidia, Qualcomm, Broadcom, one of many AI accelerator startups, Tencent, Alibaba, Baidu, Microsoft, Meta, Google, ARM, TSMC, Micron, Samsung. Just off the top of my head. Everyone is making custom CPUs or accelerators, or both nowadays. This isn't 2005.

> Tencent, Alibaba, Baidu No longer an option if you’re american

I think they still have offices here in the US and employ Americans. Alibaba has been scaling back though. Lastly, I don't think there's any law that prevents an American from moving to China to work.

https://careers.tencent.com/en-us/cityinfo.html?city=401

http://research.baidu.com/

Re: Intel Cuts Employee Pay to Maintain Quarterly Dividend

#53

Post by bluedino »

AlbertCory wrote: post #40

Back in the day at 3Com, Bill Krause used to announce that everyone had to take two days of vacation in the coming quarter. The reason was that he had "promised" Wall Street that we would hit a certain earnings number, and with accounting practices, your accrued PTO is "paid back" when you actually take it. (The rationale is, they'd have to hire someone to do your job when you're gone, although of course that's nonse…

I worked at a place during Covid where you were forced to use your pto as it was accrued.

Financially the money goes into either payroll or PTO, and this way they saved whatever percent. It was either this or lay off ~10% of the employees

If you worked there for years and had lots of hours banked it was fine, but as a newer employee it was very annoying.

Re: Intel Cuts Employee Pay to Maintain Quarterly Dividend

#54

Post by mcast »

inetknght wrote: post #47
senttoschool wrote: post #18

Earlier quoted context omitted.

There are so many choices if you're a top talent in silicon. Apple, Amazon, AMD, Nvidia, Qualcomm, Broadcom, one of many AI accelerator startups, Tencent, Alibaba, Baidu, Microsoft, Meta, Google, ARM, TSMC, Micron, Samsung. Just off the top of my head. Everyone is making custom CPUs or accelerators, or both nowadays. This isn't 2005.

How many of those companies fall under nebulous non-compete clauses? How many of the companies have anti-poaching agreements under the table?

Sure, just move to California where non-compete agreements aren't enforced

Re: Intel Cuts Employee Pay to Maintain Quarterly Dividend

#55

Post by anonreeeeplor »

You don’t want a Silicon job because your talent is illiquid.

They can take a giant dump directly in your mouth while making steady eye contact and you can’t leave because there is nowhere to go.

In software and in startups if you have relevant skills and modern, up to date experience you can switch easily.

Don’t work in industries that are declining and have no future and require advanced technical training that is non transferable.

Oh you got a PHD in quantum silicon dick butt nanometers from MIT? That’s worth dick at 99.99% of companies.

It will happen to you. You want startups where your abilities are transferable and the hiring market is broad and deep.

And never move to a location where the only option is intel. That’s their favorite trick. Fuck that!

Re: Intel Cuts Employee Pay to Maintain Quarterly Dividend

#56

Post by senttoschool »

inetknght wrote: post #47
senttoschool wrote: post #18

Earlier quoted context omitted.

There are so many choices if you're a top talent in silicon. Apple, Amazon, AMD, Nvidia, Qualcomm, Broadcom, one of many AI accelerator startups, Tencent, Alibaba, Baidu, Microsoft, Meta, Google, ARM, TSMC, Micron, Samsung. Just off the top of my head. Everyone is making custom CPUs or accelerators, or both nowadays. This isn't 2005.

How many of those companies fall under nebulous non-compete clauses? How many of the companies have anti-poaching agreements under the table?

Probably none. It's illegal in the US and after what happened between Apple and Google's anti-poaching agreement, I think Silicon Valley has stopped. I haven't heard about any in a long time.

Re: Intel Cuts Employee Pay to Maintain Quarterly Dividend

#59

Post by anshumankmr »

senttoschool wrote: post #18
PaulDavisThe1st wrote: post #14

Earlier quoted context omitted.

If you're one of the best employees at Intel, who are you going to go work for? Choices are limited, and it's quite likely that those others are going to do roughly the same thing.

There are so many choices if you're a top talent in silicon. Apple, Amazon, AMD, Nvidia, Qualcomm, Broadcom, one of many AI accelerator startups, Tencent, Alibaba, Baidu, Microsoft, Meta, Google, ARM, TSMC, Micron, Samsung. Just off the top of my head. Everyone is making custom CPUs or accelerators, or both nowadays. This isn't 2005.

Many new companies are also trying to jump into this space. https://www.ndtv.com/business/tata-groups-big-leap-in-the-se....

Re: Intel Cuts Employee Pay to Maintain Quarterly Dividend

#60

Post by 93po »

hgarg wrote: post #36

"All employees below Principal Engineer, grades 7 to 11, will get a 5% cut, 10% cuts will be instituted for VPs, and the executive leadership team will take a 15% cut, with Pat Gelsinger taking a 25% cut. " So the OP would rather have Intel fire thousands of employees?

Intel had record revenue in 2021 and $20 billion in profit. There is literally zero reason for cutting pay or jobs except for corporate greed.
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