This whole mess smells like more cuts coming. As if we haven’t been stressed enough already. And it’s not as if layoffs will put this company back on track. Problems run much, much deeper, and they will not be solved by simplistic cuts. This place needs more talent, real innovation, much better mgmt, better plan, and do not see any of that materializing any time soon.
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I wonder if Medtronic will reduce the amount you get paid in severance to save money.
@9bmk+1rgeYVZw thats not how layoffs works
medtronic is a PO for sure but when you're laid off, you remain employed generally for some duration (it's garden leave). if they terminate you right before MIP, you'll 100% win that lawsuit so MDT doesn't do that typically
they are heartless though that's for sure
If this company is truly heartless, they will layoff people before the end of Q4 so you won’t be eligible to receive 100% of your MIP.
Makes sense based on history, first week of April is my bet. IMHO
They're redlining their spreadsheets now, should know next month.
Have yall heard of anything about how many people will be RIF and where?
I hope everyone is ready to "evolve"
One can hope that most orgs can manage to get their number without a rif, but I wouldn’t bet on it.
Any word on when the RIFs will start? Complete before the end of April?
Free Cash Flow is in the red. You bet RIFs are coming.
RIF's size will depend on budget cut's this year. 5-10% I'm hearing per department. SMH
It's confirmed. Layoffs are coming. Every department was asked to cut budget including RIFs
Stop expecting a VERP every year. they can only do it every few years or it is no longer a "one time" expense to write off. this year will be the old fashioned mass layoffs.
Any word on VERP 2024 or RIF 2024?
Anything based in reality or just rumors?
Really want to see the share prices go up! But these mo_o_s don’t understand that cutting headcount’s and cost won’t take us back to $130+. The ExCom gets the focus back on product innovation, clinical research, market share focus and KOL management. Unfortunately the focus is unduly very heavy on IDE, Sustainability and profitability. Geoff can’t take any critiques, so no way the focus getting back to the right place!
You’d think the sky is falling. Bottom line is going to be tough. Some orgs will not have demand to support all their contractors and fte, also some orgs will have to look to contractors and fte to manage the bottom line. But in no way is this some melodramatic global slash and burn.
Would it better if we planned on building great products and played to win the market? Yeah, but with the leaders we have that’s not going to happen. So, it’s the bottom line that’s going to have to be managed.
Of course more RIF's will come, relax, collect a paycheck until your number comes up. If your 50yrs or minus yrs prepare for the worst, get resume cleaned up and get your house in order and hold on to your hat, a bi---h RIF storm is coming. Global this time IMHO
And the people left over are getting burnt to the ground. Quality of our products are going downhill. It's only a matter of time we will have recalls.
Too bad they laid off so much top talent and more is leaving. Great job executive leaders cutting whole departments using a spreadsheet!