Me and many of my colleagues took the ERP or a VSP in 2016. Things were stagnant, layoffs were happening, morale was low, leadership (BK, Murthy, etc.) was weak, and there was no visible strategy for moving in a positive direction.
Fast forward one sabbatical in time later, and judging by comments here and from colleagues still stuck at Intel, things are even worse.
How soecifically are they worse?
The biggest difference: margins down from high-50's to mid-30's, operating income down from ~$1B gain to ~1B$ loss, headcount up from ~100K to ~120K.
It’s a shame that the cumulative sins of poor leadership are having such a negative impact.
It’s funny because in 2016 BK sold ACT as transforming the company and explicitly not as cost cutting. But it was obvious this was a lie.
Seriously you been 7 years in the company? Are you at mid of your career or end?
2016 - Mgmt wanted to fix the problem by just cutting cost and then business as usual.
2023 - Mgmt wants to cut cost and also be aggressive in strategic directions, big bets.
Post 2016 employees who remained, were comfortable after the actions were done.
Post 2023 actions, employees are uncomfortable, paid less, made to work way harder with no perks. Employees who have been not been impacted by a job loss are in way more miserable state of affairs and work day experience. Remaining employees feel sad how they are being squeezed for their work and yet being provided a pathetic work environment.
If you have been Intel for long and you were offered VSP in 2023, you should have taken it. Life is miserable today for employees.
More importantly. It just feels sad and depressing. And that is on a day on which stock is up 8%. Rest of the days, feeling is that of disgust.
We had 60% margins then. Those were the glory days compared to now.
more incompetent people have been promoted - dei , esg, ...
The management then was weak, now it’s delusional.
The weeds have grown.