We should follow industry norm. Have you seen FANNG do salary cut? If not maybe not popular strategy. This is good in start up environment.
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You could keep the salaries as is for ICs but eliminate the bonuses and annual stock provision coming out of the review process for everyone. And let the managers role model matters by themselves cutting 10% of their salary in addition to the items above.
I’m in favor of the salary to be variable just like the company income. I mean that in general, not just Intel. IMHO the price employees pay for a fixed income is that they have to go through layoffs. I hope some day this is accepted as the norm, just as the 5-day work week which was unthinkable not that long ago.
To summarize: IMHO, both the fixed income and the expectation that salary should always go up are absurd and cause unnecessary turmoil.
Salary cuts degrade morale for everyone than targeted cuts. Of course if the cuts are not done fairly then morale will be even worse. For bloated and inefficient organizations trimming the fat is the way to go.
Intel actually did mandatory 10% salary cuts for all grade 7 and up employees during a downturn in 1988. Supposedly, they paid back employees the cut salaries, but I don't know the details. This happened a few years before I started and there's nobody around anymore that remembers. Everyone I knew that was around back then took the retirement package offered in 2016.