Unfortunately, I think that even the hardest workers should be prepared, because I hear from colleagues that there probably won't be much logic when choosing who gets laid off.
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Medtronic should stop hiring MBAs with fancy finance degrees to run the company. It doesn't matter how smart they might be; you need to have innovative people who can produce innovative products from within. That had been the key to the company's competitive leverage over the years. Then came shortcuts to innovation through acquisitions in the last 10-15 years. That has not panned out well at all. I don't have the exact success rates of acquisitions, but I think it might be 1-2 out of 10. What a shame! A major rehaul is needed. Start from the top with the leadership and work your way down.
Recognize points are there to keep and do not expire if you are no longer with the company. No need to cash in unless you want to.
Are they laying off people at the management and program management level or is it all independent contributors who are being let go? We have so many program managers in my group who do nothing - one of them creates Powerpoints on our “trends” 🤪
IC's and VERPs are already gone; it's well into employees now since that's all thats pretty much left already...
It will probably be mostly ICs with relatively lower salaries who get the boot. The bloated Sr Mgr to VP-who-has-no-direct-reports levels will remain mostly intact because no one with power has the will to disrupt that pipeline.
Cashing out those Recognize! points just in case
Its probably going to be by project and/or high salaries.
Legally safer to cut positions based on elimination of projects or functions.
I thought it would be more about project cut. When the project you are working on gets 0 in FY24 AOP, you will either get allocated to another prj with high priority or get laid off. That is how I understand.
I would assume it depends on your dept too. Some had more taking the VERP and / or higher salaries. In my dept there were some high salaries taking retirement so would assume there would be less lay offs ?
Is there anything we can do in the meantime? Everyone's hating this waiting game
No logic when choosing? Sounds like their DEI hiring practices. It's only fitting that their firing practices are even worse.
Correct. It’s about specific positions, and hitting numbers. Not about people. So, in many cases, dead weight will be left standing and better employees will be let go.