Should I just listen then hang up when the VP is done talking? This VP who can’t even be bothered to come to the office to give me the news in person.
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Glad it went well. Seems like a decent package. Did they talk about the MCC (Medtronic Core Contribution)? I assume you get it but I haven’t heard it mentioned in other severance packages.
Thank you all for the advice. I got through it.
I very much appreciate all of the advice and support.
My severance is:
60 days - not working but full benefits
COBRA subsidy through September
2 weeks per year of service severance pay
(My Director got four weeks per year but I am below Director level)
FY23 MIP
prorated FY24 MIP (based on full time employee status for a few weeks in FY24)
Payout of unused PTO which will continue to accrue during the 60 days.
For me, the COBRA subsidy is HUGE. It gives me some breathing room.
@thv+1mcS7rwG brutal!
I heard that whole risk management team got RIF’ed. well, they weren’t doing much anyways.
It’s not you. Keep your head up and hear what they have to say. There are cases where you might be affected but asked to stay on for another 3 mo or 60 mo. In that time anything could happen. But whatever the outcome - you will find a happy spot to land with a little grace and patience. Doesn’t make it any easier, but you will.
During my RIF call the big thing is to really try to maintain the professional composure. Damn was it hard to not say little zingers like, so much for further together eh? or guess George's hire slow, fire slower, lay off never? Big thing is to just take the news, digest it, know it isn't you, and just know that nothing you will say will change the outcome. Once you know that, the call goes really easy. If you need to talk it out, I'd love to add you on LinkedIn or some other network.
Sorry to hear this.
My only advice is try to keep in mind that this isn’t a reflection on your performance or your value. You’re collateral damage.
These layoffs are evidence of leadership’s failure to fulfill the Mission, failure to serve customers and patients, failure to uphold their responsibilities to employees, failure to uphold their commitments to shareholders and the Street, failure to address long-standing problems plaguing the business, and failure of the last round of extensive layoffs and reorg to do what is was supposed to.
And because the Board fails to hold the people responsible to account for those failures, hundreds? thousands? of people with far less to do with those failures and far less compensation to show for it are going to pay the price instead.
I’m sorry. :( I don’t have any further advice other than what people have already shared. I will add though, in the past month I’ve met quite a few people who got RIF’d from Medtronic in the past and each one said it was the best thing to happen for them and they walked into higher paying & more satisfying careers.
Good luck tomorrow. Please report back with how your conversation went!
Big layoffs are money driven, not always personality driven. My friend who worked for the company for 25 years was laid off. She always received good reviews. About a month after she was laid off, her director was laid off. You can’t take it personal. When I was laid off at MDT I called a couple of friends and we went on a 19 day road trip. By the time we got back I already had another job in MDT.
Accept your fate tonight. Keep your poker face on, ask for details of severance, outservices, etc... Been through it before...it sucks. But keep your composure and dignity, and realize they aren't cutting you for performance reasons. Keep your contacts/network intact. Get recommendations from respected peers. Plan your next step. Best of luck mate.
So sorry to hear this. Keep your cool; keep your dignity and professionalism, and be the bigger person. Other than momentary satisfaction there’s no upside in doing anything more than listening. It sucks, but it’s not personal. You’re just unfortunate to be part of the number they’re trying to hit. Best of luck!
Sorry to hear that. Could be just business update as well, if not
- Dont promise to sign on anything and ask them time to review
- Contrary to what people say here, everything is negotiable. Find a lawyer and try to negotiate your package by asking more money or health insurance
All the best. Hope it works out well for you