Intel is setting aside over $2 billion to give to its employees

mongeese

Posts: 592   +119
Staff member
TL;DR: Intel recently shared a presentation with its employees saying that it’s increasing its compensation budget by over $2 billion. The new budget has added $1 billion of wages and $1.4 billion worth of stock compensation. Most of it will go to current employees, but some will be used to attract new hires.

Intel said in a statement that pay restructuring was "designed to enable Intel to win the fierce battle for talent in today’s competitive market," according to The Oregonian, which saw the presentation. It will "reignite" their culture and "drive" the company’s business strategy.

In Oregon, which houses some of Intel’s largest manufacturing facilities, the company pays about $4.6 billion annually to its 21,000 local employees. Globally, it has around 110,000 employees.

The new budget has added $1 billion of wages and $1.4 billion worth of stock compensation. Shared evenly it would come out to about $20,000 per employee.

It will, however, be directed disproportionately to employees with specialized knowledge and to high performers. Intel might be worried about its competitors poaching talent, which is something Intel is itself infamous for.

According to various company-review sites, historically Intel has had a habit of underpaying its technicians. Intel’s meager annual raise features prominently in negative reviews of the company. The atmosphere on Intel’s manufacturing line is also said to be tense; lately, in particular. To that end, Intel wants to relieve some of that tension with more paid time off and mental health support services.

Intel needs to make itself more appealing if it wants to attract enough workers to staff its many planned expansions, which include a $3 billion addition to its Oregon campus, a $7 billion fab in Malaysia, their third Irish fab, and a planned fab in Germany.

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Lounds

Posts: 1,122   +1,027
So intel is a 2 tier employment system where the majority of their employees are actually on temp contracts that have no "Blue" benefits of full time permanent employees. The reports over last 5 years is that Intel's employment cost savings has lost them a lot of talent.
 

Mr Majestyk

Posts: 1,221   +1,114
Knew a guy that was a senior engineer at Intel, he retired at 55 on an obscene amount of money and is now a full-time professional photographer travelling the world all year. You get very well rewarded by Intel if you are good.
 

Dimitrios

Posts: 1,058   +863
I hope this isn't some clever idea to steal workers from AMD.Good to see INTEL fighting back even though I hate the company.
 

Theinsanegamer

Posts: 3,365   +5,593
Intel are such an evil company.
Intel sets aside money for employees

"DEY EVIL"

You just cant win with some people.....
So intel is a 2 tier employment system where the majority of their employees are actually on temp contracts that have no "Blue" benefits of full time permanent employees. The reports over last 5 years is that Intel's employment cost savings has lost them a lot of talent.
Wouldnt surprise me if this money was a sort of bribe to keep their good talent from leaving. AMD< qualcomm, apple, et al are always looking for good engineers, and intel's practices, like many companies before them, have left them very unappealing to new entrants into the market.

Same thing happened to MS when they started mass importing H1Bs, much like IBM did decades earlier.
Where they take all these money from
Intel has had another bumpercrop year, and has been having them for several years now. If they combined that with halting of stock buybacks for a year, then that would give them billions in liquid cash.
 

Dimitrios

Posts: 1,058   +863
My comment was written wrong what I meant to say was that INTEL probably did this to entice more AMD employee's to bring their talent since they already have a large amount of them already and this includes the GPU leader Raja.
 

redgarl

Posts: 172   +244
Intel is having a major problem of talent. They lost the momentum and get their *** kicked in all the CPU market. This sound like the new CEO typical PR stunt...

- everything is fine... but we are buying capacity at TSMC...
- everything is fine... but we are not able to release a chiplet CPU...
- everything is fine... but we have nothing to compete with AMD on the server market...
- everything is fine... but ADL is barely matching Zen 3 even with DDR5 and a new process node...
- everything is fine... but we need to delay our fab business plans...
- everything is fine... but our GPU business is run by the same guy who made Vega...
- everything is fine... but AMD is already integrating 3d stacking...
- everything is fine... but we are not going to manage to challenge TSMC on manufacturing...
 

redgarl

Posts: 172   +244
Intel is having a major problem of talent. They lost the momentum and get their *** kicked in all the CPU market. This sound like the new CEO typical PR stunt...

- everything is fine... but we are buying capacity at TSMC...
- everything is fine... but we are not able to release a chiplet CPU...
- everything is fine... but we have nothing to compete with AMD on the server market...
- everything is fine... but ADL is barely matching Zen 3 even with DDR5 and a new process node...
- everything is fine... but we need to delay our fab business plans...
- everything is fine... but our GPU business is run by the same guy who made Vega...
- everything is fine... but AMD is already integrating 3d stacking...
- everything is fine... but we are not going to manage to challenge TSMC on manufacturing...
Literally Intel in a nutshell...
 

captaincranky

Posts: 18,745   +7,680
Literally Intel in a nutshell...
Are you in the habit of thinking what you post is so profound, you feel obligated to quote yourself?

Here's a quote you should keep in mind. Admiral Yamamoto of the Imperial Japanese Navy, is rumored to have said, (after the preemptive attack on Pearl Harbor), "I fear we have awakened a sleeping giant". .

In spite of any performance differences between AMD and Intel in the recent past, always remember that Intel isn't beholding to anybody else to manufacture their product, and AMD always has been, and and likely always will be, since they have no fabs of their own. AMD is also up shitz crick, if Intel outbids them for TSMC's output

And BTW, TSMC is stretched pretty thin ATM. They're building a new fab in the US, (Arizona, I believe). Let's see how they do, when they have to pay American workers, American wages. (And listen to our bullsh!t and constant complaining in the process).
 
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PurpleYoda

Posts: 174   +145
Apologies for an off-topic but how do I report a technical issue / glitch on techspot website? On “about us” page they list a number of members and there is one person responsible for the web but they didn’t include his email plus according to the log he was last seen in Aug 2021 so not sure if this person is even still an active member.. ideas?
 

Wrinkle

Posts: 95   +74
Sounds like a PR move. Fool me once, shame on you. Fool me twice shame on me...

My company did the same just recently and that's not a fortune 500 company. The lack of skilled people is a realistic threat. Why fuss over a few dollars instead of losing your good people to the competition?
 

captaincranky

Posts: 18,745   +7,680
Apologies for an off-topic but how do I report a technical issue / glitch on techspot website? On “about us” page they list a number of members and there is one person responsible for the web but they didn’t include his email plus according to the log he was last seen in Aug 2021 so not sure if this person is even still an active member.. ideas?
Start a thread here: "Site Feedback and Suggestions"
https://www.techspot.com/community/forums/site-feedback-and-suggestions.18/"
 

HardReset

Posts: 1,665   +1,322
In spite of any performance differences between AMD and Intel in the recent past, always remember that Intel isn't beholding to anybody else to manufacture their product, and AMD always has been, and and likely always will be, since they have no fabs of their own. AMD is also up shitz crick, if Intel outbids them for TSMC's output
You were born 2010?