Intel pays students to go and work for someone else
From P4 to P45*
Intel is offering students cash incentives not to become part of its workforce.
Intel got itself into the stew by offering jobs to this year's American graduates before the current downturn in the economy. But The New York Times today reports that the chip giant has since been quietly offering payments to those who agree not to take up posts with the company.
Intel declined to say how much it was offering people not to work for it, saying it depended on the individual job and salary promised.
The students may be best to take the money and run - one Intel representative told the newspaper the graduates who decide to stick with Intel may end up with a different position to the one they were initially offered.
In March Intel announced it would cut up to 5,000 jobs in a belt-tightening excercise that has hit most of the IT industry.
"It's not necessarily just technology companies, but companies doing business with or catering to the technology industry," said Bill Coleman, VP for compensation at Salary.com, a company that tracks compensation packages.
The same article reported that Cisco has also cut back on its student job quota - it has rescinded offers to around a quarter of the college students it sent job offers to.
The US vendor is offering 12 weeks' salary as compensation, and has said it will also help students find a job with a different company. ®
* A P45 is the equivalent of a pink slip in the US