Thread regarding Medtronic Inc. layoffs

Wait severance will no longer be offered?

I won't be surprised if the severance packages get cut back. How else can Medtronic make up for the millions of dollars in loses?

I’m trying to do some planning and hope someone can help with the following questions:

1. what is the severance that will be offered this year (ie, is it one week per year of service)?
2. they still pay out unused PTO, correct?
3. do they still have to do the 60 day earn notice this year, and is that time paid?
4. we have to be at MDT on Apr 26 to get whatever MIP is being paid out, correct?

I wish I were trolling, the executives who are doing silent layoffs aren't trolling

No these were permanent employees

Would a severance be cut back? Knowing these cheap arses it wouldn’t surprise me. I don’t think it will be cut all the way and Cobra has to be offered I believe. So don’t be scared by these Trolls trying to freak you out for their jollies. Notice how there is no specifics about what engineers were cut.

Probably were contractors no direct employees.

Were the engineers at least given garden leave? Not that garden leave is a substitute for severance including COBRA contribution. I’m extremely concerned about the impact on their families.

Does anyone think this is some kind of sick message to the rest of us to not wait to be RIF’d so Medtronic can report fewer employees impacted by RIF?

I infer from this that Q3 earnings were a major flop. I’m guessing that massive RIF is right around the corner.

Yup they didn't even get COBRA benefits

Does anyone have any proof or first hand knowledge of this?

Soon stock will be 70s

@2ybi+1r0e8jyM Sorry to burst your bubble but this company doesn’t care. The current state of the company is just another symptom of poor decisions made between Geoff and Omar.

@2xbr+1r0e8jyM, share price is trending down and most companies are doing layoffs this year. April RIFs are just around the corner.

@1zcj+1r0e8jyM Any function specificly being targeted in robotics? Any additional info you can share?

Better question: what kind of sick execs would layoff their very best, dedicated people without caring at all whatsoever about their families who depend on them, all in the interest of increasing share price? F the shareholders.

I see HR has joined the thread to gaslight all of us.

This whole thread is a bunch of Trolling. What kind of sick mind would try to panic people whose families depend on having these jobs?

@wiy+1r0e8jy it's not greed. it is incompetence.

Robotics is so 2020. Its all about AI now

What’s the deal with Robotics? Seems like an area for growth, at least a talking point for Excom

@1fmu+1r0e8jyM Lol that's quite some wishful thinking there. If such accountability existed at MDT the entire Excom team (maybe with the exception of Sean Salmon) would've been fired by now.

Why doesn’t ExCom take a compensation cut? Doesn’t the buck stop with them?

Last year around this time KP repeatedly bragged on the earnings call (or maybe it was a shareholders call) about “upcoming aggressive cost cutting”. We will get an inkling soon…

Robotics. Stop hiring by end of Q4. start cutting in Q1. Jump ship when you can

Does upper management have any idea of how many employees will be RIF’d and in which areas?

Does upper management know if VERP will be offered? How much of a hit will severance take compare to past years?

I haven’t heard of this. However, we (upper management) were given hints that severance will be smaller than previous years. This is not the Medtronic we all use to know. Greed has ruined this company

Eventually, the pendulum will swing the other way. When that happens talent will avoid MDT like the plague. ExComm makes bad decisions and keeps raking in the $ while employees who work hard are let go with no severance. Who would accept a job with this employer?

Nope it's changed now, severance isn't guaranteed anymore.

Trolling… Medtronic and other big firms will offer severance in order to get the release agreement signed.

Engineers in which operating unit?

Yup, sooo many recalls too!

This likely reflects the state of poor financials.