If what people write here is to be believed, there are already sporadic layoffs happening.
Does anyone have an idea what the time frame will be, that is, when we can expect the big wave of layoffs to start?
Maybe before the quarterly results or after them? Any guesses?
I heard that layoffs will happen week of April 17th. AOP target was -7.5%. Some of that will be in the form of OT reduction, otherwise it will be layoffs.
Guess we'll know more during the townhall in March. I think they'll go over their plan for the "roadmap to the extraordinary" stuff they keep hinting at.
CFO mentioned aggressive cost cutting five times in the transcript today. Layoffs are definitely coming in April-May
With the new re-orgs it will most likely be May for layoffs but tbh they can really do layoffs in the USA every month until then if they so choose.
Dont think they map MIP if laid off. That's what severance is for.
I think you have to be employed thru the last day of the fiscal year to get MIP. Maybe they'll make an exception for layoffs? People who choose VERP aren't getting it because their last day has to be before Apr 28th.
MIP is still paid out if you are laid off.
So if they want to lay people off before the end of the fiscal year to avoid paying MIP, it would probably need to be this week? WARN notices need to be filed 60 days prior.
60 days on the books (not working) then lump sum of 2 weeks per accrued year working. So if you have 10 years accrued then you stay on payroll/benefits for 60 days then get a lump payment of 20 weeks salary.
Does anyone have an idea what a severance package looks like for layoffs?
Historically it's been 6 weeks on the books, then a lump sum payout of 2 weeks pay per full year of service, with a max of 1 year salary.
The decision on who to let go shouldn’t have anything to do with how much they’re in the office, but they’re deliverables. It’s the middle of winter (aka sick season) and if you don’t go in the “suggested” 2-3 days a week in order to keep others safe (for to exposure or actual sickness) you shouldn’t be penalized. Especially since it isn’t mandatory. If this is something the company wants to mandate, then do it and see who leaves of their own accord, because people will.
My manager is a director, and was indirectly hinting all these remote workers who haven’t showed up to work are expected to be on the list
Post id: 2ssd+1ldZJU0F, There are some workers that work 100 percent remote.
As a new employee who goes into the office everyday, what stands out to me is the lack of people in the office. Who are the people who used to be in these cubes? Do they actually do any significant work if they aren't in the office? If they were laid off, would anyone notice? My office is in Mounds View.
Layoffs will be after VERP but before April 30.
They won’t be on a friday or holiday.
I think it will be 5-10% of the 90,000 workforce.
It should be VPs- but since they make the layoff list- they never put their names on it.
Will it be biggest? The Great Recession layoffs were terrible..so maybe, maybe not.
It hasn’t been Medtronic in a decade- it’s GE and Tyco. Both terrible organizations.
Good luck
CEO buying time. Company getting smaller. Is he letting it drift towards a takeover. This will be a mess.
IMHO it will be a Tuesday or Wednesday, most people actually come in to the office on those days.
When do we all acknowledge our leadership is just not good and our company is not going in the right direction. I agree, I think we are in for a blood bath.
Tune in to the earnings call on Tuesday
This will be a BIG (1000’s) one. Probably one of the biggest in MDT history.
Does anyone have an idea what a severance package looks like for layoffs?
earnings are on tuesday
Sooner than later. Be prepared. Update your linkedin profile.
Usually they either declare on earnings day, or the last day of the fiscal year.
A couple managers, directors and VP's were "retired" or let go. Emails went out in Galway on the 13th or 14th announcing a reorg.
Considering the early retirement window expires March 6, I suspect we'd see layoffs the week of Feb. 27 or March 6. Pure speculation.