So as one American in a sea of H1Bs, any word of layoffs since the 3rd quarter report? Clearly there is belt tightening. We are not replacing anybody who leaves or retires at this point, travel is tight and budgets are getting slim.
2 replies (most recent on top)
In my BU the CRP budget for 2020 is down 5%. No replacement for those who leaves or retires has been the trend for the past 3-4 years. This is the only way to give few % raise to the current employees. TI revenue has been almost flat for the past 10 years and the net income goes up only because they keep cutting expenses (read experienced employees). We are going to pay for this short term Wall Street friendly strategy, but our top managers are having a very good time.
Read this if you wanna have fun: https://www.marketwatch.com/story/heres-how-share-buybacks-get-used-to-transfer-billions-of-dollars-to-senior-management-under-the-guise-of-returning-cash-to-shareholders-2019-10-30
People can only be H1-Bs for six years, and there are only like 90,000 hired, total, every year for the entire USA, 2/3rds of them going to undergrads, and mostly to places a lot bigger than TI. If they can't produce satisfactory work, they get sent back on the next plane to China, India, Poland, or wherever they happened to come from. If you're threatened by kids fresh out of school with no practical skills whatsoever, well, you may as well be sending out that resume pronto.