Intel increased 4k employees in latest quarter. Why hire 4k employees while you laid off 10k employees with hefty package?
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They are firing US and other expensive employees and replacing them with people from lower wage areas. Literally.
It is pretty simple math. People in the US cost at least twice as much as anywhere else in the world with a much higher saving in areas like Asia. Even with a large one time payout the savings add up fast. Plus the high cost employ is off the books for good.
The number I would be worried about is the 1.142 billion "restructuring and other charges" taken in Q4 23. See page 7 of the earning release. This is probably the money they set aside for layoffs in H1 24. 1.142B$ is a lot of severance packages.
My boss still hiring. He only hires Rejeshes, like him
It makes no sense at all.
I noticed that too, from Intel earnings report.
It's about 4.5k increase to over 124.8k headcounts now from 120.3k.
Intel layoffed employees from high living cost states like California and moved jobs overseas. At the same, Intel is taking government chip act money $$$.
It's shameful.
@ulw, it's the Intel way.
Want to bet the comp per employee went down?
Out with the old, in with the new.
Good question. That’s crazy