Intel planning hundreds of job cuts

Date:
Tue, 24 Jan 2023 15:22:49 +0000

Description:
Intel becomes the latest tech giant to have announced plans for layoffs and cutbacks in 2023.

FULL STORY ======================================================================

Intel's plans to lay off hundreds of workers have been revealed in a host of paperwork.

A series of new entries in the California Worker Adjustment and Retraining Notification (WARN) database have uncovered Intels plans to lay off a number of workers in the area starting this month.

The WARN Act is designed to provide employees (and state and local representatives) 60 days notice prior to mass layoffs of plant closures, and it also gives outsiders a sneak peak of the goings on inside some of the worlds largest companies. Intel job layoffs

A trio of entries consists of 201 jobs at the firms Santa Clara headquarters, and a pair of layoffs in Sacramento, accounting for 176 and 167 redundancies at its Folsom research and development campus spread across two sittings, totalling 544 job losses in California, and in this instance, alone.

Intel is just the latest in a growing number of tech firms having to send its employees packing their bags as it looks to make company-wide cutbacks following what was an above average period after the pandemic.

The global economic slowdown and growing uncertainty has seen Intel discuss a meaningful number of redundancies, among other cost-cutting measures, as it seeks to cut $3 billion from its annual budget this year, and as much as $10 billion by 2025. Read more

These are the best job sites

Microsoft confirms major layoffs

Amazon reveals huge job layoffs to help cut costs

When compared with other companies layoffs of up to 10% of their workforces, Intels plan to sack 544 of its estimated 120,000 workers (0.5%) is a spectacularly small move. While this is a reasonably meaningful number, there remains the possibility of more layoffs in other regions.

Besides cutting headcounts, Intel has also cut the budget to a number of its other operations. The Register notes Intels canceled $200 million development center plan in Israel, as well as other moves by the company to reduce outlay such as offering Ireland-based manufacturing workers three-months of
voluntary unpaid leave.

TechRadar Pro has asked Intel to confirm the figures, and whether the
company plans to make any further cutbacks to its workforce globally.

Whether its Intel or any of the other companies that have announced layoffs
in recent months, its clear that a tough time ahead for tech workers is on
the cards as many begin to turn their attention to total career changes. Whether youre an employee or an employer, keep your eye on the best recruitment platforms



======================================================================
Link to news story: https://www.techradar.com/news/intel-planning-hundreds-of-job-cuts


--- Mystic BBS v1.12 A47 (Linux/64)
* Origin: tqwNet Technology News (1337:1/100)