Holy cr-p these benefits su-k! Seems like the surest way to sc--w people who used to be in a bind. Or have teeth.
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https://cache.hacontent.com/ybr/R516/00472_ybr_ybrfndt/downloads/BenefitsataGlance.pdf
If anyone was curious to compare the Abbott plan... Some highlights, no premium if you do a wellness assessment; lower deductible and out of pocket maximums....
Let's unionize
Consider this a small sacrifice to help ensure Geoff continues to have access to the corporate jet for personal travel. It was barely a quarter of a million dollars worth last year - how can you expect to keep a top tier CEO like Geoff happy with less than half a million of corporate jet perks ? think big picture, folks!
Remember when Medtronic used to be the prime place to work? Now it’s an embarrassment. Friends at other device and pharmaceutical companies feel bad for us now.
Someone here might be right. We might have to get a second job to pay for our healthcare.
Lol is he trying to say that healthcare costs are rising faster than Medtronic's revenue growth? That doesn't say much lol.
With all the quality issues, recalls, supply chain issues, garbage leadership, RIFs, restructuring, and of course all the standard Geoff excuses (COVID, currencies, war, etc)...our growth is essentially non-existent. The stock price and earnings misses are proof of this. So yeah of course the healthcare costs are rising...but Geoff is a f*cking id--t if he's benchmarking that rise to our revenue growth lmao...
Anything will look higher if he makes that comparison. What a f*cking amateur.
Did anyone notice the statement “Today, our healthcare costs exceed our revenue growth”? That’s scary.
Oh there’s plenty to cut. We won’t like it though.
They can cut exec compensation next @2uij+1pfD7kcR
I'm sure they're willing to make this small sacrifice, given how much they think of their beloved shareholders!
In all seriousness what is there left to cut? Dividend would be the end of the stock so I’m assuming that’s not next up but can’t think of where another dollar can be squeezed from. 401k match, bonuses nullified, making us pay for parking?
Breaks my heart to see such a great company fall so much due to greed and broken promises.
At Medtronic, it's customary to fly on other people's coattails.
Taking credit for other people's hard work is basically a requirement. It's how promotions happen (who su-ks up the hardest, who has the best narrative, who does the least work but has all the right keywords to say during LT meetings, who says one thing during the meeting but then has a 1:1 in the background and changes narrative, etc.)
This is way of life here and it shows when Geoff is the first to post about anything remotely positive about the industry and claim it as his own achievement, but any negative stuff is all the fault of the markets and COVID and currency exchange rates. Pathetic weasel.
Congrats on $70! Soon 60s!
I just find it funny that we hire these people, pay them a metric sheet ton of money to tell Medtronic that they need to be less -ist, then turn around and see the company make healthcare unaffordable for a large number of their employees. Absolutely tone death to go on LinkedIn as well to say they helped/made the US Government label Minnesota as Med Tech hub, while they are laying off employees citing macro headwinds. What's even more funny is BSX and ABT are on massive hiring sprees because they are actually launching new products. Sure sounds like macro headwinds to me... And honestly that those two companies are why Minnesota received that designation than GM pilfering MDT.
Thank the board!!
“Ever wonder why Medtronic can get huge margins on commodity products? Yeah, again, not capitalism.”
The goal of Capitalism is to maximize profits. Medtronic can get huge margins on commodity products is capitalism.
Good Capitalism only works if people aren’t greedy. Now CEO and executives like GM and his buddies want quick profits. Unfortunately, Medtronic isn’t the only company who’s loyal only to the shareholders not the employees and customers. At least Omar sorta cared for the employees.
The board has turned to new leaders like Que to tell them what they can crank back on employee benefits, pay and general employee experience to save a nickel. The old Medtronic is gone, the new one is managed for financial metrics, not patients. Old leaders were resolute that if you took care of patients and customers, the profits would follow. GM and his team dont have time to do it right.
"This is happening at every company. Welcome to capitalism. Time to brush off your resume and find your second job to afford healthcare."
Ex Medtronic exec here. But- Economist with finance MBA. I also spent many years in managed care. Two points-
- This is NOT capitalism. This is crony capitalism, a HUGE difference.
- Ever wonder why Medtronic can get huge margins on commodity products? Yeah, again, not capitalism.
What has changed with this year?
Got to love SHITRONIC!
This is happening at every company. Welcome to capitalism. Time to brush off your resume and find your second job to afford healthcare.
So basically deductibles and out of pocket maximums went up by 50% with a $12K out of pocket maximum for a family for the high deductible plan; this is after having zero benefits for the first $6K. Really sickening what GM is doing while claiming to be improving DE&I. He is so out of touch probably thinking, who doesn't just have $12K sitting in their banana stand. Because really Michael, what does a banana cost, like $10?
A medical device company with one of the worst healthcare benefits. GM and the rest of the people in the C-suite can go F off.
When does the change over happen?
What are the changes? Can anyone summarize? Is there no dental and vision anymore?
Looks like they went from BCBS to Surest United health care from what I’m hearing?
Update your resumes!
What are the benefit changes? I thought it couldn't get any worse for you guys over there, lol. Thank the board! They're creating "value" for the shareholders at the expense of employees and patients.
Hope you don’t have a prescription at Walgreens, because you can’t go there with the new plan. Brutal.
I will say I have Surest and like it, sick visits are 20-40 bucks. That being said... No dental cost coverage is absolutely brutal. Don't forget the deductibles increasing the same out as my annual 2% raise... Oof
The health insurance benefits were most of the reason why I chose to stay here despite the lower than market salary. Now MDT has truly made itself like every other company. The RIFs & outsourcing to India were just the start of cuts across the board. Who knows, maybe they’ll come after our already cheap toilet paper next!
Forced attrition so they can get layoffs without doing layoffs. This is just the beginning, watch them start to reduce benefits more comprehensively including the 401K to get people to leave without having to do mass RIFs