Intel Corp (NASDAQ:INTC) recently announced plans to slash jobs in an effort to drive cost savings across its business.
Here's a look at just how much Intel was paying its employees and how it compares to other tech giants.
What To Know: Intel and other big tech companies rarely share salary details. However, they must disclose salary offers or potential salary ranges when they hire foreign workers through the H-1B visa program.
According to a Business Insider report citing work-visa applications submitted to the U.S. Office of Foreign Labor Certification in 2022, Intel's highest salary offer was around $263,000, sent to an engineering manager.
Intel announced a cost-reduction plan last week.
The actions include structural and operating realignment across the company. This includes headcount reductions of greater than 15% plus operating expenses and capital expenditure reductions of more than $10 billion in 2025. Intel's headcount is currently around 125,000, so the company is likely to lay off around 19,000 employees.
Here's a look at the annual salary of those former Intel employees:
- Business Intelligence Analysts: $65,437 to $142,438
- Information Security Analysts: $107,994 to $170,248
- Supply Chain Planning Analysts: $85,467 to $96,034
- Product Marketing Engineers: $102,606 to $150,093
- Mechanical Engineers: $81,765 to $121,576
- Engineering Managers: $117,624 to $263,952
- Application Developers: $92,488 to $121,763
- Program Managers: $67,621 to $168,834
- Data Scientists: $65,229 to $152,681
Why It Matters: When compared to other big tech companies, Intel appears to be offering prospective employees less money. It's worth noting that the data doesn't include stock-based compensation, individual performance rewards or bonuses that can significantly increase overall pay.
Nvidia Corp (NASDAQ:NVDA), which has been the biggest beneficiary of the AI boom to date, has offered salaries ranging from $74,460 to $786,000.
Fellow AI leader Microsoft Corp (NASDAQ:MSFT) made salary offers ranging from $77,000 to $310,000 in 2022 and Microsoft-backed OpenAI is paying the average engineer about $925,000 per year in total compensation.
Apple Inc (NASDAQ:AAPL) offered prospective workers base salaries of $102,000 to $322,000 in 2022 and Alphabet Inc (NASDAQ:GOOG) offered workers salaries ranging from $55,000 to $340,000.
This illustration was generated using artificial intelligence via Midjourney.
- Mortgage Rates Fall To 15-Month Lows, Boost Homebuyer Demand As Federal Reserve Hints At Rate Cuts
