Intel is the first big tech to go beyond layoffs and institute broad pay cuts. Annual bonuses paused, 401K match halved, merit increases on hold and actual pay cut by 5% to 15%.
On a positive note, shareholders can still expect a quarterly dividend. 🥲
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Intel leading the pack as usual, that's why they're the biggest company in the world
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I think many tech workers would accept (temporary) benefit/comp cuts if it could forestall layoffs. At Google in the past, they took the approach of cutting cafes/kitchen snacks, travel and expenses, bonuses, etc to avoid deep layoffs.
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I would rather have layoffs personally. Accepting comp cuts is a slippery slope that's hard to walk back. I'd actually rather leave than stay where my comp was cut.
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You have to wonder if this isn't less to do with altruism and more to do with risking a chunk of their staff lining up at AMD for jobs 😅
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Then they will cry in the calls about how they lost the edge against competitors on chip development, and that there is nothing they can do about it...
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