Nobody knows anything yet!?!? Spill the beans please
36 replies (most recent on top)
Martha got 28% compensation increase last year. I bet he will get more this year, Lousy leftover GE has beens running this company now.
Critical projects are simply not properly supervised (by top Mgmt.) and therefore we lose fortune. Undoubtedly, we are a company that needs to invest in new technologies and develop R&D, but innovations involve always a high risk of losing huge amounts of money for the projects, and the lack of supervision reassures me that the company is super badly managed from TOP. Every fish rots from the head, the current wave of redundancies will sink the company and many excellent people who will go to the competition and use the acquired knowledge by getting the appropriate mandate. This can even more ki-l company and bring more losses. Whoever stays here will look fast for taking other opportunity outside. People build the company - company does not exist without right people and that is fact. when the big fish realize it may be too late, let them not forget that they are not as smart as they look
Let us hope that Medtronic implements this layoff ethically. What would not be ethical? A WOKE approach that avoids laying off women and minorities in favor of the white man. If that's what they do, I hope there's a class action.
I laid off thousand of Medtronic employees during the Great Recession.
Layoffs will be completed by the end of the fiscal year. If the layoff is more than 50 people, warn notice of 90 days will be given and severance based on years of service.
I assume that there will be thousands of people laid off in the USA. More in USA than globally.
VPs never lay themselves off…. Sorry
Based on the botched VREP ... good luck seeing a RIF by end of the QTR. its to crazy right now. NONE even cares anymore. it happens it happens ... IMHO
Typically held tight with VP’s and then more like Sr Directors at this stage. Some rumors have it at a 10% reduction.
Who knows specifics about the layoffs? Does this knowledge go down to the director level?
Of course it’s hush hush right now. That’s why everyone is on this site seeking insight. Early retirement deadline is March 6, so I would expect some some of massive layoff +/- a week from then.
Im hearing 8000 by May as well.
Focused on dead weights and non revenue generating groups and divisions
What is the time frame for these layoffs?
To the recent commenter. That's because its hush hush right now, not being publicly communicated. Just wait.
Yep its been pretty quiet so far. Must please those shareholders short term rather than do what is right for the company's long term health and growth.
I’m in Mounds View and in the office most days. I haven’t heard any talk of downsizing or reorgs.
What org was dissolved? CAS? They are one of the few growing orgs.
If anyone can share VERP or severance package details, I would love to know what Medtronic does. Seems like everyone does it differently.
I work in the Cardiac Ablations Solutions operating unit, in Reliability.
Got my VERP offer today, amongst many other coworkers 54 or older. Still digging in to the minutiae of the "enhanced benefits" offered in the package. I wonder if it will bridge the next 10 years I needed to make retirement happen. Lol. Fun.
Can you clarify which org was dissolved?
Well org just got dissolved, my team is moving to a new org.
Anyone heard anything new?
Thanks for severance reply below. Is there a baseline or minimum? If you were hired 11 months ago for example, you get nothing but pto?
Generally, “critical” projects are re-evaluated and spending controls are tightened even further, or projects are cancelled.
And yes, contractors are usually dismissed early, and any open headcount are also the first to go (obviously some really critical ones will stay).
So what happens to critical projects when you lay off more than half of a team? a lot of teams are just filled with contingent workers (which I assume will be let go first)?
As of 2020 when my team was outsourced, it was 2 weeks pay for each full year of service, plus unused PTO.
What's the severance policy for employees under director level?
VERPs go out tomorrow for employees 54+
Its around 8000 employees global.
Wait and see. All packages to be given by FY23 end. Clean start to FY24.
Hugo sales need to go up!!
The only person that they need to get rid off is the overpaid loser sitting at the top
A lot of contractors in R&D have been let go, talks about more layoffs incoming at Neuromodulation. Anyone heard anything?
Better batten down the hatches. This is no rumor. The grim reaper is coming, gonna be rough.
Fk your rumors.
Post from TheLayoff.com
Rumors are swirling that leadership is evaluating headcount now and will be "Right sizing" the various businesses in the coming weeks.
what about R&D. Noel Colon's new role (R&D effectiveness) sounds like he's looking for cuts as well.
It's going to get ugly in Operations. Specifically Quality.
Started where? Just uncertainty/rumors it's coming so far here
I heard it already started