I feel very sorry for the people who lost their jobs and I'm already thinking about how everything will look after these cuts.
They cut some people from my group without whom things will be very difficult. If the plan is to overload the remaining employees even more, I'm afraid that many more people will end up leaving. I'm just saying.
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@rgg+1mehYuRK MDT has done RIFs longer than 10 years. Look at historical articles on Google, they've been doing this for 20+ years.
Do less with less? Has anyone on excom read 1984?
This is completely double speak that means nothing.
Everyone left WILL be doing the work of the people who were riffed, retired or quit. They will be doing more with fewer resources
Less with less is bad grammar
I don’t necessarily want to leave my coworkers. The best thing about MDT is all of you - the people we work with every day. But I’ll admit, I’m crossing my fingers for a job offer to come through soon and peacing out.
I saved my dignity. I resigned today. Could not make it anymore. No regret.
I was spared but with these changes I am actively looking to get out. It doesn't seem like it works for me anymore. But very limited opportunities outside right now. Guess it's a sailing game for now.
There have been three VERPs (Voluntary Early Retirement Program) in recent years. Participants for #s 1 and 2 had to be 59 or older. #3 lowered the age to 54.
Actually the stupid phrase they have been using is “do less better”
They have to cut the $$$ to hit their q4 earnings. Geoff wants his $28million dollar salary to continue
Medtronic has done “RIFs (reduction in force) every 2 years for the past 10 years….they offer the early retirement to the most senior tenured employees in an attempt to cut their highest paid (and in many cases most experienced) personnel in order to”eventually “ replace them younger hires that they bring in a a fraction of what the older employees are paid….but actually the force the employee out because if they don’t accept the early out package, they can then fire them without the additional sweetening of the pot out the door, which is minimal at best…..and with each rif they have lowered the minimum age from 62 1/2 10 years ago to 55 1/2 with this most current RIF….along with a greatly reduced benefits package
The management is asking to prioritise and do less with less. But wonder if that is even possible with the size, market presence and market share of Medtronic!