How many of you are planning to say yes? I'm worried that there will be too few takers and we'll end up having major layoffs after all. Hopefully, enough people are tired of Medtronic and will be happy to use this opportunity to get away from here, but I have my doubts.
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What I have seen is that the VERP was good for long time legacy MDT employees who had the old pension, if they were going to leave in the next year or two anyway. There was also something about legacy MDT VPs that their pensions got worse if they stayed because of how there was interest rates calculated(?) so I heard. if you came from an acquisition or COV or were less than 20 years it probalbly didnt do anything for you worth going early. Old places like CRM have a real brain drain with this one.
It is amusing the way this weak VERP was promoted- multiple breathless e-mails from Fidelity, glossy color brochures in the mail, warning that this deal may not happen again, etc. Let's face it- this is designed to dispose of older employees for pennies.
I was a 15 year Covidien, then Medtronic employee, who retired this year. FY'23 was looking bleak and lacked the spark once enjoyed with new fiscal years. Following two years of global restructuring and marginal improvements in operational excellence, I "jumped ship" when it was right for me.
This VERP is in no way motivational for long term employees to accept.
Frankly, if someone is on the fence, take a chance by staying and get "caught" in the imminent RIF in Q1 FY'24. Unless this RIF is different than others, the severance will be better than the present VERP.
I do not regret my years with COV+MDT, but, Geoff's team has gambled the future of MDT and the results are just not there.
If people are actually considering retirement.... Why not just tell your manager to put your name on the list. Either get a much better severance and unemployment, or keep ur job and stay working. Both are better than that garbage offer online.
I think they wanted to make an offer to say they did. Clearly they didn't put enough in the offer to actually be attractive for somone to take.
How woke of them to care so much for their employees well being. Geoff and his pals don't have to be woke or a good people since they are DEI certified, they get a pass on everything else.
I got an offer, and I am under the old school pension plan. Essentially, they would add 5 years of service to my existing 20 something. Taking a pass on it.
What a joke. Document specifically states you need to be gone before EoY, and also clearly states you won’t get MIP with this package. You’d have to be an id--t to take the package.
https://retirementelection.medtronic.com/Benefit-Enhancements
What a measly offer of just 25% in 401 (k) they know nobody is going to take this offer. Layoffs are coming
25% of base salary in 401(k) match from 2021-2022
Correct none will take this offer .. kind of a slap in face. hello RIF plan, it is up next.
Best of Luck all.
What was the package?