One of our firm's core values is continuous improvement—i.e., getting better every day. This post highlights the massive change that can result from a daily focus on improving and celebrates two members of the Cordant team living out this value and who have accomplished significant things this year.
“The more you know, the more you know you don't know.” ― Aristotle
Intel employees and therefore most of our clients—given our focus on providing ongoing financial planning and investment management to current and former Intel employees—are a sharp bunch. We work with smart people. But, while they know a lot, as Aristotle quips, knowledge makes you more sensitive to and aware of what you don't know.
And given the current turmoil at Intel, there are a lot of people transitioning out of Intel. Many of these know there’s a lot they don’t know and don’t know where to start. This can be frustrating, overwhelming, or both.
We want to help.
According to Mike Rogoway at the Oregonian, Intel is gearing up for a round of job cuts that could be announced as early as this week. And, if his sources are correct, this reduction could be more substantial than those done last year. [Update: Intel has announced a reduction of 12,000 jobs worldwide, 11% of the global workforce.] The cuts may signal a shift of focus for Intel and will undoubtedly impact many on an individual level.
And if that’s you, Cordant has some resources, listed below, that may help you if you’re impacted by this round of cuts—a personal strategic inflection point so to speak.
More than an average round of cuts, the current shake up in executive ranks may signal that Intel views itself as being at what the late Andy Grove termed a “strategic inflection point.” According to Jim McGregor, the founder of tech-industry strategist TIRIAS Research, “after seeing the upheaval in senior staff, it would not surprise me if structural changes are finally afoot.” He sees Intel heading for a “profound shift” as evidenced by its slowing of the pace for Moore’s Law and a consolidation of certain operations. As quoted by the Oregonian, McGregor says, “the company is finally realizing things have changed for the long term and they've shifted the focus of the company."
In a recent news story, a large advisory team at a major brokerage firm was fired for what is known as “selling away”. For those of you that aren’t familiar, "selling away" is a securities rule that prohibits employees of brokerage firms from soliciting customers to buy an investment that has not been approved or vetted by their firm.
Seems like good procedure – right? On the surface, this rule helps to ensure you are not sold an investment or product that has not received the proper level of due diligence. But if you look a bit deeper, the rule against “selling away” highlights a key downside to working with a larger brokerage firm: by law, the broker is bound to put his/her firm’s interest first.