Thread regarding Medtronic Inc. layoffs

Its frustrating because they're punishing the teams who followed the cost control measures. Cutting another 6-8% is brutal.

I’ve heard cost center owners are faced with cutting 6%-8% of their budget

It's going to take years, if ever, for MDT to dig out of this mindset. It's been the exact same story on annual RIF's and changing strategy and reorg's for over 10 years (and especially worse after COV merger). I got tired of dealing with it YoY and left voluntarily about a year ago. I never looked back, the biggest surprise in my job search was how under market value MDT is paying. My only regret is not leaving earlier, it's just not a healthy place to work anymore under the current "leadership"

So slow! Many major life decisions put on hold and livelihoods are put at risk because of this.

Don’t you all think is is very suspicious a lot of executives unloaded millions of Medtronic stock a few weeks ago, including Carol Surface who knew something was coming and left to go to Apple. She probably knew something bad was happening and didn’t want to be around to tarnish her “accomplishments”. Geoff and his kiss a-s leaders are burning Medtronic to the ground and profiting from their insider knowledge. They need to be investigated for insider trading.

It costs nothing to see people leave from a p&L standpoint. Time is the enemy of the impatient in this case.

The longer the wait -> the higher chances people flock elsewhere -> the lesser the package expense.

It is another indicator that:
1- big RIF (size is significant 5K+)
2- sh---y cash flow due to numerous factors which most of our competitors figured out
3- bloated org needs a “cardioversion”
4- may 2023 is the deadline from a financial forecasting standpoint

What will 2 more months change in your life. Sit tight, year end promos for all, max out your SIP if u have one.

The slowness of this rift is surprising. I would have thought that Medtronic would move with Speed and Decisiveness.

To the newbie below.... I'm less than two years as well. From what I see, they could care less about how long you have been at the company. Purely my opinion.

I agree. I’ve only been with Medtronic 1 year and am so scared I’ll be one to be laid off since I’m a newbie. Do they typically target projects that can’t move forward when laying people off?

Expect it to be done by April 30th. That way clean start to new year.

I find it frustrating why board of directors are asleep and don’t kick GM and his whole team out. They are the ones who promise false hopes to investors and shareholders by promising big and under delivering like RDN, diabetes etc. Why is the incompetent board of directors can’t ask GM and his team of clowns to step aside and stop showing ESG and DEI into our mouths? Very sick of this.

I find it frustrating that Geoff’s salary went up 28% to $7.5M last year, even as shares dropped sharply.

He seems more interested in filling management positions based on inclusion and diversity goals than qualified candidates.

Time for the board to replace this lame duck.

They are doing it slowly cause the HR people who used to do the work got laid off in 2016-2021.
Now it’s only hr sr directors and vps, no one to actually do the work for layoffs. Prior to 200&, medtronic rarely did layoffs and had good raises. But since then- it’s layoffs every year and 2% raises.
They need to cut VP’s, but vps never put themselves on the list.

I have been exhausted waiting for all news and comments in BLIND and this forum. Cannot really focus on the work in my hands. Can jump to another company due to my visa status, which is sad of course.
I have been listening to two of the best OU town hall meetings and discovered that even OUs with +10% revenue in Q3 still need to let people go.
Nobody can foresee the future when the AOP of FY24 is finalized, hopefully, by the beginning of April, check with your manager on whether the project is paused next quarter. Within my OU, I guess all projects that cannot be launched within 3 years will be cut.

There is a reason big layoffs are announced this way. Sends a signal to other recruiters to target the company and then ppl get taken away so less ppl to layoff and pay severance to. Also, ppl are more motivated to take VERP plus ppl look more for jobs and leave on their own. Layoffs 101 Don't underestimate our crafty leaders...

On the other hand, its a good thing. Here is what I'm doing just in case I got the 'meeting invite'. I've increase my 401k contribution to 75% (max from paycheck in Fidelity) just to maximize MDT contribution, redeem Recognized points and remove or download past years Performance Reviews and MIP info. Good luck everyone!

Totally! They should have completed it last week after the townhall meeting. Now all my team members are so unmotivated and wondering about it. 2 questions that are most interested by everyone is when and how many. Both were touched by CEO during the townhall with it will happen in near future and not sure how many yet. We still have more than a month before end of Q4, its a long time to wait for the news.

You aren't alone. They should have executed it all on one day and been done, instead of picking people off one by one

Agreed. I keep refreshing this website rather than doing real actual work. I find the whole layoff thing to be strangely addictive.