What drives all these decisions is the urge to raise the stock price which in turn is often driven more by the financial projections given to investors than by the most recent performance. The gap for this FY will be there and may be 'closed' by axing the MIP completely (but hey don't worry, I'm sure the dividend will again be very nice), but with so many people off the payroll for the next FY (and for future FYs), Wall Street will reward that.
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these firings won't close the gap...do you guys not understand how fiscal years work? these people getting laid off are still on payroll for next 60 days + have severance payouts
how is that going to help close the 300M gap which needs to happen before FY end at the end of April?
Minimum 1.5K
More in FY24 to bridge future gals
Cap: 8K
Why don’t they just make an announcement like other big tech companies do?
@1rsj+1mcsFJCK well if we take $300M as the gap to close; at $200K/HC fully burdened you are looking at only a trimming of 1,500 jobs. Much less than I've heard during happy hours with leadership, which have been closer to a 5-10K job number.
They have a $300 million 'significant gap to close' so probably as many as it will take to hit that amount of savings for FY24 .
4000
I heard it’s less than 1% of company for this round… and there will be more throughout the year
Whatever it is, it’s going to be big because they have a lot of savings they need. I had friends let go today and it makes me sad. Great employees. Anyone from the leadership team let go??? Hmm…nope haven’t heard a word. They would rather hit the common folk instead.
Under 10k but over 5k is the number.
8000 jobs globally last I heard.
@nfc+1mcsFJCK 2-month severance is an alternative to WARN notices, I believe.
I wonder if they're doing rolling layoffs instead of doing them all at once to avoid having to file a WARN notice. This way the precious brand doesn't become stained, but meanwhile employees have to live in fear that every day is their last day. All part of being in the Medtronic "family"
Id expect about 8% from Medtronic.
They obviously don’t want to share it for a reason. The least transparency the better for them. Confusion is a deflection mechanism. Imagine how people would react at townhall if they would know it? Many heart, applause reactions anyone? …
Could be as high as 10% of non-manufacturing employees.
The people who know aren’t talking.
At the Town Hall Geoff said it “won’t be as bad as rumored”, without addressing what rumor.
Whatever it is, it’s a bleak period in this company’s history, and it’s large enough that it will take “weeks and months” to complete. Buckle up for another few months of uncertainty hanging over everyone’s head
I would be floored if were more than 5%
Not 10%, that sort of thing is just a rumor based on tech companies like Apple, Google, Facebook that drastically over-hired during the pandemic.
I've heard 10%. Who knows.
I can only guess.