that is how jobs get offshore, if you can't find right skills in India or other country, just hire a USA resource to train them and support them. Nothing anyone can do about it.
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Lam has become an Indian company giving preference to India when hiring for jobs that should be done in USA. It is actually more expensive to hire in India. 3 Indian hires in India + 1 USA resource to support the Indian hires could be done by one resource in USA. India turnover every year while the USA resource stays to support the Indian turnover. It doesn't have to make sense. It is strategy for India.
disgusting place to work to put it mildly
My experience is that they treat contractors with contempt. If you share your ideas, they like your work, they will steal it and shove you aside.
I was a contractor and I felt so trampled on by the people. The treat contractors like sub human..
Managers at Lam are sneaky. They do lie to your face.
Lam is an awful place to work. Those getting layoff hopefully find a better environment to work at.
It takes years for a new fab to be built. This is due to permits, environmental studies, and construction. Semiconductor equipment is not typically ordered for the fab until 6-9 months away from completion.
I read of all the subsidies by governments to support building semiconductor fabs. These need equipment. So why is now Lam doing lay-offs? I would have thought it is time to hire. Or is Lam just not doing well compared to TEL, Applied, KLM,...?
Lam employees exist in a constant state of uncertainty. There are always whispers of layoffs but no one is ever sure when they will come and then usually the employees are blindsided with a "meeting" which is really just a mass firing or layoff (you pick). Anyone trying to convince you 7% isn't much isn't mentioning the people they constantly trickle out or that this is a cycle that repeat every 3-5 years or so. 7% how many times equals how many thousands of people that went to work and left with no job and were given whispers and rumors until the actual day came. The rest of the time it's a sprint to try to get in good with the right people and kiss enough a-s that you might be able to secure a job for a little while. Management is god awful at Lam. I personally had a manager tell me they had dropped all hiring criteria for the most part and only needed to hire "warm bodies" (to) "put in chairs". Lam also pushes a ton of woke training on staff but then when you speak to the actual minorities the training is meant to help they all complain that it's not the "regular" workers it's management that exhibits some of the most unwelcoming and racist behaviors. A great example that was pointed out to me was a motivational campaign Lam did to promote women in the workplace. Great! Right? No. What they actually did was pump out a PowerPoint that literally had a generic-looking white man pointing to things that are obvious to most people (as if mansplaining) with a group of diversified women standing in the background nodding like oh now I get it. HR isn't HR, they are there to absorb the complaints that generally everybody has so the top brass doesn't have to hear it and they almost never resolve anything unless you're a female and a male has done something that made you uncomfortable. However, if you're a female complaining about another female you will also just be ignored (anecdotal). Clicks form and minorities tend to hang out with minorities of the same ethnic groups. While some do branch out and rub elbows with other groups it's usually not as often. I could go on and on. Lam is a horrible horrible company masking itself as virtuous and the worst part is they are really good at it. They specifically target younger minorities and people in general that haven't had experience in the workforce so they often do campaigns where they pick a handful of minorities, give them scholarships, make them feel uber special, take lots of photos, and then do a massive publicity campaign about how good involved they are. When in reality the primary workforce is still mostly younger white males. They post all over the campus that they "support their vets" which is absolutely not true in any way accept tuition assistance which they offer to anybody so it's unique to veterans at all! Lam simply does not do good just for the sake of doing good, there is always a publicity angle. The CEO at one point was fired for doing coke in the bathroom with some females and this is pretty well known if you were there at the time but they, of course, covered that up with some vague details about what really happened and how long it was happening. Supervisors will literally lie to your face and say they have no problem with you doing something and then call management and complain about you for the very thing they gave you permission to do. Management absolutely hates being asked any question that would make them look bad or mean they would have to be accountable for and they will absolutely make you feel bad for speaking out in every way they can get away with legally and illegally as long as they think you won't speak up or they won't get caught. I could go on and on and on about the horrible two-faced practices at this company but it's been happening for such a long time already and I get no impression that anyone cares to try and change it. Lam is not virtuous! Lam DOES NOT CARE about you or your family! Lam is another tech giant too big to fail and they have all the same shady practices that every other too-big-to-fail giant does.
It was to be expected. The Semi industry has been in slow down mode for the last 9 months. The only reason it was booming for the last few years was Covid and people were working from home and needed PC's. As soon as everyone went back to work the buying stopped.
Lam also put too much effort into making units for China and now they have been cut off from doing that. I have no idea about the Lam machine shops they opened up in China about 5-6 years ago.
the more people, the more meetings, the more you need to hire.
Mangers do not know how to scale so they over hire in times of growth. Layoff means managers are hiring two people to do job of one person because managers are not the ones doing the work and don't have the technical skills to scale.
Unemployment is higher what is being reported. Some people choose not to work and get government assistance.
it is the fed's doing. Fed wants to see higher unemployment.
in the earnings call, he said cut 700 contractors fiscal Q3'2023 and 1,300 employees fiscal Q4'2023. 7% cut is not much when you think the headcount grew from 4,000 to over 18,000 in past 5 years. Most of that growth was in past 2 years to support upward of $20B. If 2024 does not recover from 2023 recession, then there will be more cuts, but 'm sure 2024 will recover since it's election year.