This is my first year, is this a lot lower than prior years? Even when MIP will pay out at 103% as mentioned in town hall?
From the benefits guide for new employees:
“Over the last decade, our company match averaged 4.5% for employees who contribute at least 6%”
This year would be way below that, like 3.37%
for every paycheck, the company contribute 50% of your 6% contribution, which is 3%;
and at the end of the fiscal year, they invested another 3% MCC+ additional (if any). for this year, this is 0.372%, so overall for FS 2026, that is 3%+3.372%=6.372%
This is a lesson everyone learns in their career. My last company i worked hard for an exceeds by first year and most boss hung that over my head for the next several years as my new expectation. All I had to show for it was like 0.5% higher pay.
Its not worth it to fight for that. If they want to give it to you, Great, but dont put in extra hours.
Medtronic's saving grave is that the job market right now is a dumpster fire. All the great employees are staying for now.
Project Octane
Your financial edge isn’t Medtronic piddly bonus or 401k match. Build your skills and switch jobs for a higher salary in 1-2 years.
I got above expectations last year and guess what I got? 1) A 0.5% bigger raise than the year before where I got “Meets” 2) About 20% extra MIP and 3) permanently higher baseline expectations for my output.
Clearly, by any measuring stick, a Pyrrhic victory at best. Really, a net negative in my mind.
EPS got fu---d up this year because of the minimed spin-off. Annoying that they cant adjust that, but they don't.
Actually it’s all on fidelity website. And it’s all based on AOP EPS.
2016 $.725
2017 $.723
2018 $.658
2019 $.667
2020 $.662
2021 $.977
2022 $.627
2023 $.500
2024 $.750
2025 $.673
10-year average $.700
2026 $.562
Our 401k match has been getting lower every year. Why is that? Is it because Medtronic isn't doing well or leaders want a larger piece of the pie.