Intel raises the salary of its talents, trying to attract new ones
Intel raises the salary of its talents
Intel has shared its plans for how it intends to reinvest in its existing talent. As competition increases in the semiconductor and engineering markets in general, Intel appears to have found a way to simultaneously strengthen employee retention and attract new talent: offer better salaries.Photo Credit: CNET Intel it will distribute $ 2.4 billion among its employees both directly (for $ 1 billion) and in shares (1.4 billion). Companywide wages will benefit from an additional $ 2.4 billion infusion in early 2022. Intel made this decision to "rekindle our culture and drive our business strategy." Intel will structure salary increases based on employee performance and the value of their skills and potential competitors seeking to capture talent. This, of course, is a strategy Intel itself knows all too well.
The poaching of talent from competing companies in the world of semiconductor industry is not in itself extraordinary. There is a limited pool of professionals to hire and those who gain visibility through their excellence do so not only in their companies, but in the perception of the sector in general. It would appear that Intel feels the need to better isolate itself from the "aggressive" acquisitions that other companies might make of their employees. Interestingly, while Intel is generally perceived to pay lower salaries than comparable companies, it currently stands at a "salary satisfaction rate" of 75% according to Indeed, which is higher than AMD's 64%, but lower than 78%. % of NVIDIA.
Intel currently employs approximately 110,000 professionals worldwide. The company's payroll for Oregon alone (where it has its most advanced facilities and offices) counts a whopping 4.6 billion in 2021. This is an average of about $ 150,000 per worker, considering that the company employs about 30,000 professionals only in that region. If all of $ 2.4 billion were evenly distributed among its 110,000 employees, each would receive an additional $ 21,000 a year.
The company wants to hire several hundred professionals in the Oregon region for the its 1DX research factory upgrade. However, only time will tell if this financial boost will be enough to ensure the company retains its best employees and attract more in the future.
