36.1 C
Delhi

Intel plans on setting aside $2 billion for its employees

Intel recently shared a presentation with its employees announcing a $2 billion increase in its compensation budget. In the new budget, $1 billion in wages and $1.4 billion in stock compensation have been added. The majority of it will be distributed to current employees, but some will be used to recruit new employees.

According to The Oregonian, which saw the presentation, Intel said in a statement that the pay restructuring was “designed to enable Intel to win the fierce battle for talent in today’s competitive market.” It will “reignite” the company’s culture and “drive” its business strategy.

Intel pays about $4.6 billion annually to its 21,000 local employees in Oregon, which is home to some of the company’s largest manufacturing facilities. It employs approximately 110,000 people worldwide.

In the revised budget, $1 billion in salary and $1.4 billion in stock compensation have been included. It would cost around $20,000 per employee if distributed fairly.

- Advertisement -TechnoSports-Ad

Employees with specialized knowledge and excellent performance, on the other hand, will be targeted disproportionately. Intel may be concerned about competitors poaching talent, a practice that Intel is well-known for.

Intel has a history of underpaying its technicians, according to several industry review sites. The company’s small annual raise is frequently mentioned in bad evaluations. The environment on Intel’s production line is also known to be tight, especially recently. Intel hopes to alleviate some of this anxiety by providing additional paid time off and mental health support programs.

If Intel wants to attract enough people to staff its many planned expansions, which include a $3 billion addition to its Oregon campus, a $7 billion fab in Malaysia, their third Irish fab, and a projected fab in Germany, it needs to make itself more enticing.

- Advertisement -TechnoSports-Ad

also read:

MediaTek is already ahead in the 5G race, might become the first to launch the 5G mmWave mobile SoC

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Nivedita Bangari
Nivedita Bangari
I am a software engineer by profession and technology is my love, learning and playing with new technologies is my passion.
TechnoSports-Ad

Popular

TechnoSports-Ad

Related Stories

More from author

Save from net YouTube: How to download free YouTube videos as of March 29

Save from net youtube: The Ultimate Guide SaveFrom.net is a free online video downloader that allows you to save videos from websites such as...

Jio Caller Tune Set: How to Set as of March 29.

Jio caller tune set: Reliance Jio has made a splash in the Indian telecom business. Jio is doing everything to revolutionize our smartphone experience,...

The list of Airtel SMS packs as of March 29, 2024

Check out the list of Airtel SMS packs, including costs and validity information. We have shared a list of Airtel SMS recharge plans that...

My Jio Recharge Plans as of March 29, 2024: Top trending plans from Jio

My Jio Recharge Plans: Since its establishment in 2016, Reliance Jio has made a remarkable impact on the Indian te­lecommunications industry. The company has...