Intel’s plans to lay off hundreds of employees have been revealed in multiple documents.
A series of new entries in the California Worker Adjustment and Retraining Notification (WARN) database has revealed Intel’s plans to lay off a number of workers from this area starting this month.
The WARN Act is designed to give workers (and state and local representatives) 60 days notice before mass layoffs of factory closures, and also gives outsiders an insight into what’s going on at some of the world’s biggest companies.
Layoffs at Intel
The trio of entries includes 201 jobs at the company’s headquarters in Santa Clara and two layoffs in Sacramento, equating to 176 and 167 layoffs at the Folsom R&D campus spread over two sittings, for a total of 544 layoffs in California and in this case alone.
Intel is just the latest in a growing number of tech companies that have to send their employees to pack their bags as they look set to make company-wide cuts after an above-average post-pandemic period.
The global economic slowdown and growing uncertainty have left Intel discussing a “significant number” of layoffs, including cost-cutting measures, as it seeks to reduce its annual budget by $3 billion this year and as much as $10 billion by 2025.
Compared to the layoffs of other companies, which affected up to 10% of the workforce, Intel’s plan to lay off 544 of its estimated 120,000 employees (0.5%) is a spectacularly small move. While this is a reasonably “significant number”, there is scope for further layoffs in other regions.
In addition to reducing the number of employees, Intel has also reduced the budget for a number of other operations. Register (opens in a new tab) notes Intel’s canceled $200 million development center plan in Israel, as well as other company efforts to cut costs, such as offering Irish manufacturing workers three months of voluntary unpaid leave.
TechRadar Pro asked Intel to confirm the data and whether the company plans further job cuts around the world.
Whether it’s Intel or any other company that has announced layoffs in recent months, it’s clear that tough times lie ahead for tech workers as many begin to take notice of complete career changes.