Intel Layoffs: No Longer Inside? Here’s What to Do
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Intel recently cut 15% of its workforce in an effort to regain competitiveness against NVIDIA and AMD. What’s behind this story, and what can laid-off Intel employees do now?
This guide dives into the reasons behind Intel's decision and provides actionable steps for those impacted by the layoffs to navigate their career transitions effectively. Read on to uncover insights and a clear plan to move forward.
Read on, and you’ll:
- Find out the reason behind Intel layoffs.
- Read about the severance package and what you can get from Intel.
- Learn actionable tips on updating your resume, cover letter, and online presence.
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Intel Layoffs 2024: Overview
At the start of 2023, Intel CEO Pat Gelsinger took a 25% pay cut and asked senior employees to take 5–15% pay cuts as part of cost-cutting efforts. Later that year, salaries were restored, and bonuses in the form of Restricted Stock Unit (RSU) grants were promised to compensate for lost wages.
Meanwhile, Nvidia shifted its focus to AI, surpassing Intel as an industry leader. Since then, 15,000 employees have left Intel through layoffs and separation agreements, many departing before their RSUs were granted. The company plans to cut $10 billion in total costs.
Although the precise cause of Intel job cuts has not been made publicly available, they seem to be related to a couple of factors. The first one, which seems to start the company’s recent downfall, is a missed opportunity with AI.
Intel’s financial struggles come from missing the market shift toward AI chips used in large data centers. Nvidia, the AI market leader, reported $30 billion in revenue for the quarter ending in July, a 122% increase, with 87% coming from data center chips. Furthermore, in 2017 Intel was offered to invest in OpenAI, but declined to do so. If this deal were sealed, the AI pioneer would use Intel’s hardware and secure Intel's position in the market.
The second reason is strictly related to the first one. As Intel lost its market position, its stock dropped by over 50% in 2024 alone. In other words, the reason behind these layoffs seems to be the usual: cost-cutting efforts.
Intel’s CEO Pat Gelsinger retired in December 2024, and has since invested in British AI chip startup Fractile.
Find out more about the usage of the AI: AI in the Workplace Survey
Intel Severance Package: What Are You Entitled to?
Being laid off doesn’t mean you’re left completely alone. Intel’s severance packages typically include three main parts: Income, Medical, and Stock.
Severance Pay & More
- Severance Pay: Combines a fixed number of weeks plus additional weeks based on tenure. For 20 years of service, this equals 30 weeks of pay.
- Vacation & Sabbatical: Accrued vacation and sabbatical time (4–8 weeks) is paid out.
- Bonuses: Pro-rated annual (APB) and quarterly (QPB) bonuses are included.
- Additional Pay: Eligible employees may receive extra payouts, such as “pay in lieu of redeployment” (9 weeks) and a “separation bonus” (8 weeks).
Medical Insurance
- COBRA Coverage: Intel typically provides up to 18 months of health insurance coverage, including one year of COBRA and a $20,000 healthcare bonus.
Stock Options
- Accelerated RSU Vesting: Some employees may receive accelerated vesting of Restricted Stock Units (RSUs):
- Rule of 60: Employees aged 60+ get one year of accelerated vesting for every five years of service.
- Rule of 75: Employees whose age and years of service equals 75+ receive one year of accelerated RSU vesting.
Organizing Your Key Documents
When transitioning after a layoff, it’s essential to organize important documents that can strengthen your job applications and aid your future recruitment process. Here’s what to focus on:
- Employment Records: Keep a detailed record of your position and professional title, responsibilities, and employment dates. Save termination letters, severance agreements, and benefits details for future reference.
- Performance Records: Gather evaluations or reviews that showcase your key strengths and measurable achievements. Use specific examples to highlight your impact.
- Project Summaries: Document your contributions to significant projects, emphasizing measurable outcomes and results.
- Certifications: Organize relevant qualifications and technical credentials demonstrating your expertise and readiness for specific roles.
- Awards and Recognition: Collect any internal awards or commendations that highlight your value and dedication to your work.
- Professional References: Request written recommendations from managers or colleagues to vouch for your skills and reliability.
Pro Tip: The WARN Act requires companies with more than 100 employees to provide 60 days' notice or pay during mass layoffs. Employers can also comply by keeping employees on the payroll for 60 days after notice. If you're unsure of your rights, consult a legal professional for guidance.
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Intel Layoffs: What to Do Next?
If you’re one of those Intel employees laid off, I don’t need to explain just how unpleasant that is. Try to stay positive and think about what’s next. I know it’s easy to say, but let me tell you: being laid off is not the end of the world. You can get back on track with your career.
In this chapter, we’ll focus on updating a resume and writing a cover letter. By the end of it, you’ll be ready to take action and start applying for your next job.
Tailor Your Resume to the Industry and Job Type
When applying for a new position, it’s important to always address the specific industry and, more importantly, a specific job opening.
Here’s how to do it right:
- Match ATS keywords using the job title stated in the job offer.
- Don’t focus on your past duties. Everyone has them. Instead, highlight your most impressive achievements.
- Personalize your resume and tailor it to a specific job offer. This will show recruiters that you’re not desperate to get hired but also that you’re only interested in that job they offer, not just any job.
- Boost the readability of your application documents by using action words.
- Select a modern resume template that will meet your needs and cooperate well with your area of expertise.
Highlight Your Key Skills
Once you update your achievements, think if there are some new skills you’ve gained while working at Intel. And then incorporate them into your resume and cover letter.
Here’s how to do it right:
- Use the skills mentioned in the job ad as your resume keywords to boost your chances of passing the ATS tests.
- Create a list of all your soft and hard skills.
- See which skills overlap with the skills from the job ad. These will go on your resume.
- List no more than 10 of the most relevant skills on your resume.
Show Your Transferable Skills
While at Intel, you used a mix of your professional strengths. Some were strongly connected to your job title, others were more universal: communication, computer skills, problem-solving, and so on. These are transferable skills that easily apply to other jobs. Demonstrating them on a resume shows that you can smoothly transition to a new role.
Think about adding a few of these transferable skills:
- Problem-Solving Abilities
- Teamwork Skills
- Decision-Making Skills
- Organizational Skills
- Interpersonal Skills
- Communication Skills
- Conceptual Skills
- Creative Thinking Skills
- Critical Thinking Skills
- Time Management
- Project Management
- Stress Management
These are some of my resume advice and cover letter tips. However, there’s more you can do apart from working on your application papers.
Pro Tip: Don’t hide the reason why you’re no longer employed at Intel. Make sure the recruiter fully understands that it’s not because of your poor performance but because of their layoffs. Add a note beneath the job entry in your resume work experience section, explaining that, and casually mention it in your cover letter while discussing why you want the job you’re after. Remember: storytelling works miracles!
Intel Layoffs: What Else Can You Do?
In addition to finalizing your severance package and gathering key documents, here are steps to help you move forward:
- Revamp Your Online Presence: Focus on optimizing your LinkedIn profile because that’s what recruiters will most likely visit first. Update all the necessary information, engage in discussions, and set yourself as open for work.
- Build Your Network: Join Intel alumni groups on LinkedIn and Facebook, look for their communities on Reddit and Quora, engage in industry discussions, and attend relevant events.
- Focus on Emerging Fields: Research rapidly expanding sectors such as clean energy, artificial intelligence, self-driving technology, and advanced manufacturing. Explore openings on sites like Glassdoor, FlexJobs, Dice, Indeed, and LinkedIn.
- Pay attention to who the big tech is looking for: Unless you don’t want to work in a big company anymore, look out for who’s in demand by the big tech companies since you’re familiar with the structure in such a workplace.
- Enhance Your Skills: Strengthen your expertise with recognized programs such as Six Sigma, project management certifications and licenses, or specialized courses in AI and technology.
Learn more about what’s hot in the job market: Fastest-Growing Jobs in the USA
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Being laid off isn’t easy. But it’s not the end of the world, not to mention the end of your career. With the right plan, you'll be able to get back on track quickly. Good luck. You’ve got this.
Have you got any more questions? Reach out in the comment section below, and let’s talk!
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Sources
- Business Insider: Intel employees face 'setbacks' as the company slashes staff, pay, and perks
- Economic Times: Intel to lay off 15,000 employees as chipmaker tries to revive its business
- TechTarget: Intel's rise and fall: A timeline of what went wrong
- Reuters: How chip giant Intel spurned OpenAI and fell behind the times
- Nasdaq: Intel Corporation Common Stock (INTC)
- TechTarget: Intel CEO Pat Gelsinger out; board searches for new CEO
- Data Center Dynamics: Former Intel CEO Pat Gelsinger invests in British AI chip startup Fractile
- Cordant Wealth Partners, Intel Severance Package: Your Complete Guide & Action Plan
- Worker Adjustment And Retraining Notification (WARN): Employer’s Guide to Advance Notice of Closings and Layoffs
- TrueUp: Big Tech Hiring Updates
