Intel’s plans to lay off hundreds of workers have been revealed in a trove of paperwork.
A series of new entries in the California Worker Adjustment Notification and Retraining (WARN) database revealed Intel’s plans to lay off a number of workers in the region starting this month.
The WARN Act is designed to provide employees (and state and local representatives) 60 days’ notice before mass layoffs to close factories, and it gives outsiders a sneak peek into the goings-on inside some of the world’s largest companies.
Three of the entries consist of 201 jobs at the company’s headquarters in Santa Clara, a pair of layoffs in Sacramento, accounting for 176 and 167 redundancies at the Folsom R&D campus spread across two sessions, for a total of 544 jobs lost in California, in this case alone.
Intel is just the latest in a growing number of tech companies having to send their employees to pack their bags as they look to make company-wide cutbacks after an above-average post-pandemic period.
A global economic slowdown and growing uncertainty has led Intel to 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 up to $10 billion by 2025. .
Compared to other companies’ layoffs of up to 10% of their workforce, Intel’s plan to lay off 544 of its estimated 120,000 workers (0.5%) is a staggeringly small step. While this is a reasonably “meaningful number”, there is still the potential for more layoffs in other regions.
Besides cutting staff, Intel has also cut budget for a number of its other operations. log (Opens in a new tab) He notes Intel’s $200m development center plan in Israel, as well as other moves by the company to reduce expenses such as giving manufacturing workers based in Ireland three months of voluntary unpaid leave.
TechRadar Pro Intel asked to confirm the numbers, and whether the company plans to make further cuts to its workforce globally.
Whether it’s Intel or any of the other companies that have announced layoffs in recent months, it’s clear that a tough time lies ahead for tech workers as many begin to turn their attention to sweeping career changes.