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Folsom's Economy: Hold On


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#1 shaggy

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Posted 17 January 2003 - 10:55 PM

The plot keeps thickening:

A friend of mine who works for Intel just told me they are going to eliminate 750 jobs in IT. Most people wouldn't think much of this, but almost all of IT is based out of Folsom...

that's gonna hurt, folks. sad.gif

#2 jake

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Posted 18 January 2003 - 10:02 PM

It most certainly will... much of Folsom's economy is largely dependent upon Intel - I would imagine this will have a very big impact on Folsom.
"You've got to be very careful if you don't know where you're going, because you might not get there."
-Yogi Berra

#3 cybertrano

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Posted 20 January 2003 - 02:44 AM

The state government will aslo start laying off people. Hardest hit departments will include Corrections. There are state workers - myself included, and specifically Dept. of Corrections workers who live in Folsom. I don't think it will be that bad, just wait and see.

Please see:
http://www.sacbee.co...p-6893031c.html



#4 Terry

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Posted 20 January 2003 - 03:38 PM

Actually, Department of Corrections' budget will be increased slightly, so don't expect layoffs to come from them. Additionally, a golden handshake is proposed for state employees that should take care of any downsizing by attrition rather than actual layoffs.



#5 mckjen

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Posted 29 January 2003 - 08:15 AM

I am in IT at Intel here in Folsom, and yes we are eliminating 750 heads from IT, however IT is not just in Folsom. I found out recently my group will be affected for sure. Still waiting to find out more and should by late Feb.

#6 cybertrano

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Posted 29 January 2003 - 09:58 AM

Good thing I did not further pursuing IT career with Intel.

#7 intelkid

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Posted 02 February 2003 - 07:32 PM

They'll be announcing 500 cuts within a couple of weeks, then 250 more a few months after that. The suspense is killing me...
I believe you have my stapler...

#8 nomoser

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Posted 03 February 2003 - 11:03 AM

The first 500 "redeployments" should be announced in mid-March, and the next 250 should be announced sometime during Q2. Even though not all IT folks are here in Folsom, most of them are, and the 750 number represents about 15% of the total number of employees in Intel's IT organization.

For those who may be unfamiliar with the "redeployment" term, it essentially meas that those employees will have three months to find another job within Intel before they will be let go. Often these employees will get temporary jobs within Intel, and sometimes those will turn into full-time positions. On the other hand, redeployed employees may opt to take the three-months of pay and benefits and just look for another job outside of Intel. I don't have any statistics, but my impression is that in the end, most (but not all) of the employees end up leaving Intel.




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